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Gage Roads Brewing Co (ASX:GRB) - Managing Director, John Hoedemaker - The Market Herald
Managing Director, John Hoedemaker
Source: Brews News
  • Gage Roads Brewing (GRB) has completed a bookbuild and received irrevocable commitments from both new and old institutional investor to raise $5.2 million
  • The placement will see the company issue 100 million shares at an issue price of 5.2 cents each under the company's existing capacity
  • Gage Roads says the funds will enable its national sales and marketing team Good Drinks to capitalise on growth opportunities
  • Additionally, it will provide the company with funding flexibility in the 2021 Financial Year as COVID-19 uncertainty prevails
  • Gage Road Brewing shares closed the session 5.3 per cent lower today, priced at 5.4 cents each

Gage Roads Brewing (GRB) has completed a bookbuild and received irrevocable commitments to raise $5.2 million.

Gage Roads says the funds will enable its national sales and marketing team, Good Drinks, to capitalise on growth opportunities.

Additionally, it will provide the company with funding flexibility in the 2021 Financial Year as uncertainty relating to the COVID-19 pandemic is continuing.

The placement will see the company issue 100 million shares, for 5.2 cents each, under its existing capacity.

Managing Director John Hoedemaker welcomes the support of both new and old institutional investors for the placement.

"The strong support from the investment community is both indicative of the success of the proprietary brand strategy as well as a vote of confidence for the company’s Good Drinks strategy that is designed to deliver incremental earnings to all shareholders."

"We would like to take the opportunity to thank our investors for their ongoing support and welcome a number of new highly credentialed institutional investors to our shareholder register."

Gage Road Brewing shares closed the session 5.3 per cent lower today, priced at 5.4 cents each.


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