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Lark Distilling (ASX:LRK) - Founder, Bill Lark - The Market Herald
Founder, Bill Lark
Source: ABC
  • Lark Distilling Co (LRK) has successfully completed an $8.85 million capital raising
  • The whisky company entered a trading halt yesterday but did not disclose how much it would be raising at the time
  • Approximately 8.1 million new fully paid ordinary shares will be issued to institutional investors at $1.10
  • Lark will use the money to expand its inventory of whisky and to pay for costs associated with the offer
  • After emerging from its trading halt, Lark is up a healthy 24.6 per cent and shares are trading for $1.37 each just before market close

Lark Distilling Co (LRK) has successfully completed an $8.85 million capital raising.

The whisky company entered a trading halt yesterday but did not disclose how much it would be raising at the time.

Approximately 8.1 million new fully paid ordinary shares will be issued to institutional investors at $1.10.

This price represents a 0.4 per cent premium to the five-day volume-weighted average price (VWAP) of $1.095, and a 1.1 per cent premium to the 30-day VWAP of $1.088.

Shares are expected to settle on September 22 and be allocated and begin trading on the ASX on September 23.

Lark will use the money to expand its inventory of whisky and to pay for costs associated with the offer.

"The overwhelming support received for the placement provides validation of the Lark growth strategy – brand and barrels – and will ensure that whisky under maturation will reach 1.5 million litres by the end of FY22," Managing Director Geoff Bainbridge commented.

"It is the final milestone in the restructure of 'Lark for growth' plan, and it is a real coup for the company to welcome such proven and highly regarded institutions to the Lark register," he added.

After emerging from its trading halt, Lark is up a healthy 24.6 per cent and shares are trading for $1.37 each at 3:50 pm AEST.


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