Irrigation co IRRI-Altal set for Toronto offering

Ohad Haber Photo: PR

The Kibbutz Ramat David-based company plans to merge with a stock exchange shell in order to raise C$5-10 million.

Israeli agro-tech company IRRI-Altal, headquartered in Kibbutz Ramat David, is planning to raise C$5-10 million on the Toronto Stock Exchange, sources inform "Globes." Irri-Altal's offering is planned at a company value of C$15 million before money ($12 million), and the company share will be listed on the TSX Venture Exchange.

IRRI-Altal is currently planning a C$600,000 private placement, mainly for Canadian investors, before its public offering, the proceeds from which will be used to pay for the costs of its public offering. It plans to merge with Canadian stock exchange shell Sagittarius through an allocation of 95% of Sagittarius's shares to IRRI-Altal's shareholders.

The next stage in the plan is a C$5-10 million ($4-8 million) public offering by issuing shares at C$0.50 per share. The company is slated to complete the measure by the end of March. The offering will be guided by the investment banking division of Aloni Haft, managed by partner and head of investment banking advisory service Ronnie Jaegerman, and issues consultant Adv. Yaniv Bresler.

IRRI-Altal was founded in 2004 by chairperson and CEO Ohad Haber, 60, a veteran agriculture and water entrepreneur, who fully owns the company. Before founding IRRI-Altal, Haber served for several years as marketing manager of Dan Sprinklers (now NaanDanJain Irrigation). IRRI-Altal currently has 15 employees.

The company exports irrigation systems, and plans and builds irrigation projects in many companies around the world, mainly in China and developing countries in Africa and Latin America, from the planning stage to the installing stage.

The company is currently developing a revolutionary irrigation system aimed saving substantial quantities of water through precision irrigation. The system, which will be located on a computer cloud, is designed to improve the quality of crops and significantly cut growing costs.

Published by Globes [online], Israel Business News - www.globes-online.com - on January 17, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Ohad Haber Photo: PR
Ohad Haber Photo: PR
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