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  • Tasmanian food and beverage company Pure Foods Tasmania (PFT) successfully completes its placement and raises $2.55 million
  • The funds were raised through the issue of roughly 15.45 million shares to institutional and sophisticated investors at a price of 16.5 cents
  • PFT will now undertake a one-for-three entitlement offer to raise around $3.40 million and the company has the right to issue any shortfall to eligible shareholders at its discretion
  • PFT plans to use the money to accelerate growth by investing in working capital, new products and marketing, drive production efficiencies and invest in product expansion
  • Shares in PFT are up 10.5 per cent on the market and are trading at 21 cents at 1:38 pm AEST

Pure Foods Tasmania (PFT) has successfully completed its placement and raised $2.55 million.

The funds were raised through the issue of roughly 15.45 million shares to institutional and sophisticated investors at a price of 16.5 cents.

This price represents a 13.1 per cent discount to PFT’s closing price of 19 cents on July 27.

Shares are expected to settle on August 2 and be issued and begin trading on the ASX on August 3.

“We would like to thank our shareholders and partners for their strong support of the company as we continue the growth and development of PFT and its brands with exciting opportunities in Daly Potato Co and its existing brands and plant-based food markets, via increased market penetration and distribution,” Chairman Malcolm McAully said.

PFT will now undertake a one-for-three entitlement offer to raise around $3.40 million, if all the shares are taken up. Shares will be priced the same as the placement of 16.5 cents.

PFT has the right to issue any shortfall to eligible sophisticated and professional investors at its sole discretion.

Announced yesterday, PFT plans to use the money to accelerate growth by investing in working capital, new products and marketing, drive production efficiencies and invest in product expansion opportunities.

Shares in PFT were up 10.5 per cent on the market and were trading at 21 cents at 1:38 pm AEST.

PFT by the numbers
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