Mac Equity Partners acted as the Lead manager for Wide Open Agriculture (WOA) (“WOA” or the “Company”), which was recently pleased to announce that it had received binding commitments from institutional and sophisticated investors to raise AUD$3.0m (before costs) through a single tranche placement (Placement).
The Placement will see the Company issue 11,111,112 new fully paid ordinary shares at an issue price of AUD$0.27 per share. The Placement was strongly supported by a number of the Company’s existing shareholders and introduced a number of new, high net-worth investors to WOA’s share register. Demand for the placement was significant and provides strong validation of the Company’s growth strategy to increase revenue and launch additional products for its fast-growing conscious customer base.
WOA’s largest shareholder and fourth largest shareholder, both European impact-investment family offices, participated in the placement to maintain their percentage holding of the Company.
Together with existing cash reserves, the Placement ensures WOA is well funded to execute a systematic and targeted growth strategy while generating sustained shareholder value in 2020 and
beyond. The Company will now focus on accelerating domestic and overseas sales of regenerative meat, expand and diversify its product offering online and launch oat milk and plant-based protein products for Australian and global markets.
FULL Story ASX LINK : https://www.asx.com.au/asxpdf/20200605/pdf/44jdwmfj0x2vsk.pdf