Canada-based agri-food group AGT Food & Ingredients is to raise C$80m through a share issue to fund expansion in packaged food.

AGT trades a range of food commodities and ingredients and also supplies packaged and canned foods to the retail and foodservice sectors.

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The company has entered into an agreement with a syndicate that has agreed to buy over 2.8m shares from the business for C$28 a share.

AGT said the issue has an over-allotment option that could see the proceeds rise to C$92m.

“The net proceeds of the Offering are intended to be used for further expansion of the food ingredients and packaged food segments, other growth opportunities, debt repayment and working capital,” the company said.

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In January, AGT acquired Quebec-based retail food packaging company CLIC International.

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As part of the deal, AGT took on all of CLIC’s retail brands, which take in products from basmati rice to dry and canned pulses.