KEY POINTS:
Biological control company Botry-Zen plans to raise up to $1.8 million through a private placement of convertible notes and stapled options, with most of the money already committed.
The funds would be used to increase production capacity and develop marketing, chief executive John Scandrett said.
The company, which makes products to control fungal infections in grapes and other produce, has already received commitments for $1.3m.
The placement, subject to shareholder approval, will be put to the vote at a meeting in August.
Participants include the directors. The board decided that the placement was the most commercial, cost-effective and certain way to raise funds, Scandrett said.
Botry-Zen shares were steady at 4c yesterday.