Viridas secures Rowan backing

MINERAL exploration entrepreneur Ronald Bruce Rowan has invested £250,000 in Viridas.

Mr Rowan, chief executive of Starvest, is among investors who have now bought up £1.05m of unconvertible loan notes in Viridas as the Leeds-based firm changes strategy.

Stanley Wootliff, executive chairman of Viridas, said: “I am delighted that Mr Rowan has decided to invest such a significant amount in Viridas, his track record as an entrepreneur speaks for itself.

“Clearly the company is now well placed to re-launch as a focused natural resources investment vehicle. I believe that following the general meeting, the company will be in a position to enhance real shareholder value in the near-term.”

Last month Viridas announced it was abandoning plans to establish an operation in Brazil growing jatropha plants for use in biofuels and would instead become an investment vehicle focused on natural resources.

The company initially raised £750,000 through the placing of zero-coupon, unsecured convertible loan notes to fund the new strategy and that has now increased to £1.05m.