Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Mighty Craft (MCL) has placed its securities in a trading halt as it begins planning a capital raise and acquisition
  • The beer and spirits business hasn’t stated how much it’s planning to raise, however its trading halt is due to expire on June 11
  • By then, the company will have completed the placement and institutional component of the entitlement offer and announced the results
  • Today’s capital raise follows Might Craft releasing its Q3 FY21 results, showing the business had $11.7 million worth of cash on hand
  • Shares in MCL last traded at 37 cents per share on June 8

Mighty Craft (MCL) has placed its securities in a trading halt as it begins planning a capital raise and acquisition.

The Australian beer and spirits business entered a trading halt on Wednesday, however, details of the release and acquisition are yet to be released.

At this stage, the company has only confirmed it will be carrying out an institutional placement and a pro-rata non-renounceable entitlement offer.

However full details of the raise should be announced this week as MCL’s trading halt is due to expire on Friday, June 11.,

Mighty Craft said by then it should have completed the placement and institutional component of the entitlement offer and also announced the results.

Prior to today’s capital raise, MCL had released its Q3 FY21 results, showing the business had $11.7 million worth of cash on hand in April.

The company’s income and profits both rose by more than 200 per cent during the three month period, however MCL’s expenses also blew out.

Mighty Craft reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) of negative $2.2 million for Q3.

Before Wednesday’s trading halt, shares in MCL last traded at 37 cents per share on June 8.

MCL by the numbers
More From The Market Herald
Agrimin (ASX:AMN) - CEO, Mark Savich

" Agrimin (ASX:AMN) prepares for capital raise amid SOP offtake

Fertiliser development company Agrimin (AMN) has entered a trading halt while it plans a capital raise.

" GWR Group (ASX:GWR) to launch fresh cap raise

Junior miner GWR Group (ASX:GWR) has started the week in a trading halt as it prepares…

" Artemis Resources (ASX:ARV) enters trading halt for capital raise and dual listing

Artemis Resources (ASX:ARV) has entered a trading halt regarding a capital raise and proposed dual AIM…

" Austin Metals (ASX:AYT) halts trade, eyes fresh capital

Austin Metals (ASX:AYT) has placed its shares in a trading halt in regards to an upcoming…