11. May 2013
Relivit Raises First Round Capital
Nappy recycler Relivit Holdings Ltd has reached its first round funding target, raising $400,000 in a five week campaign. The round was met through cash investments and a convertible note for services.
Relivit turns used nappies into plastics for a wide range of products including building products. The funds will be used to secure more commercial waste supplies under contract and select the preferred site for its plant in NSW.
Managing director Gareth Williamson said he was encouraged that the company was able to fill Round 1 so quickly and that new investors joined with current investors. "We have had a good response so far from potential investors and are looking forward to converting that interest into investment decisions in the coming weeks, as we enter Round 2," he said.
Relivit is listed on ASSOB.
In the next four months the company plans to secure at least 4,000 tonnes per annum of waste under contract, and develop proposals for council waste collection trials.
It wants to convert a letter of intent for selling recovered plastics to a contract, and obtain letters of intent for fibre sales.
It also wants to select and secure the site for the plant and confirm plant design.
Another objective is to lodge patent applications for process improvements.
Relivit is now in its second round of capital raising for another $400,000. This capital will enable it to finalize preparations for raising construction funding late this year.