Papyrus Australia Ltd in small cash raiser
Date
6/30/2016 6:38:02 AM
(MENAFN- ProactiveInvestors - Australia)
Papyrus Australia Ltd (ASX:PPY) has a raised a small amount of capital at $0.01 each through the placement of 3,000,000 ordinary fully paid shares.
Progress is being made in Egypt in preparation for the commissioning of the Papyrus Egypt factory in Sohag.
Cash resources are being conserved as it looks to further the Papyrus Egypt project and transferred the banana fibre production machinery from Walkamin to Sohag.
The company is arranging to harvest and transport banana tree trunk to the factory from nearby banana plantations and take-out arrangements are in place for banana fibre produced,
The company is relying on its short term finance requirements on the loan advanced by the Managing Director Ramy Azer and his family.
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