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December 30, 2010

Agro-investor seeks funds to expand Mozambique beef operations

Agriterra Ltd, the AIM-listed company focussed on the agricultural sector in central and southern Africa, announces that it has conditionally raised US$7 million (before expenses) by way of a placing of 145 million  new  shares in the company.  The funds raised will be used primarily to expand the company’s cattle ranching and feedlot production business in Mozambique and for general working capital.

Agriterra Executive Director Euan Kay said, “Our cattle ranching operations continue to progress rapidly, with total head of cattle now exceeding 1,600 across our two ranches which cover more than 15,000 hectares. Following the Centro de Promocao de Investimentos approval (Major Project Investment Approval) from the Government of Mozambique in October, we plan to aggressively move forward with our expansion plans.

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