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- Nutritional Growth Solutions (NGS) receives firm commitments to raise $5 million in a recent share placement
- Shares were issued at 21.5 cents apiece
- Nutritional Growth Solutions CEO and Managing Director Liron Fendell said he was pleased with the level of support shown by existing shareholders, as well as new institutional and new sophisticated investors
- The company intends to use the funds to accelerate its current growth strategy, which is focussed on the US and Chinese market
- NGS shares are 2.38 per cent down and trading at 20 cents apiece at 12:40 pm AEST
Nutritional Growth Solutions (NGS) has received firm commitments to raise $5 million in a recent share placement.
Nutritional Growth Solutions CEO and Managing Director Liron Fendell said he was pleased with the level of support shown by existing shareholders, as well as new institutional and new sophisticated investors.
“I am excited to lead Nutritional Growth Solutions through our next stage of growth. With a refreshed brand, new products to market and new regions to market them in, along with an A-team of industry veterans, I have never been more confident in our ability to deliver on our strategy to ensure every young person reaches their full potential,” he added.
Shares were issued at 21.5 cents.
This placement follows the launch of Grow Daily Boys+ for pre-teens and teenage boys on August 23.
Grow Daily Boys 10+ is NGS’s newest product and is formulated with a blend of micro and macro nutrients to support the physical development of young males.
Mr Fendell commented on the company’s growth plans looking forward.
“We are placing increased focused on the US and Chinese markets where we see the most potential for Healthy Heights and will immediately begin building brand equity in each region to increase awareness and drive demand for our range of patented products that have been clinically proven to increase the rate of growth in young people.”
This is the first raise the company has completed since listing on the ASX in November 2020 following a $7 million initial public offering.
The IPO funds were raised through the issue of more than 35 million shares at 20 cents.
NGS shares are 2.38 per cent down and trading at 20 cents apiece at 12:40 pm AEST.
