Abundant Produce Limited (ASX:ABT) announced a private placement of 5,000,000 common shares at a price of AUD 0.20 per share for gross proceeds of AUD 1,000,000 with new investor EcoMag Limited on November 12, 2018. The investor has acquired 8.35% stake in the company. The shares will be subject to voluntary escrow for 12 months. The transaction is subject to shareholder approval. Each share will have an attached option to subscribe for one additional share at AUD 0.20 with an expiry date of November 30, 2020.