Join our daily newsletter At The Bell to receive exclusive market insights
- The Food Revolution Group (FOD) has completed its share purchase plan (SPP) and raised just under $500,000
- The company announced a capital raise in early December with aims to raise $4.5 million via a placement and SPP
- Under the share purchase plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares priced at 3.5 cents
- All applications were accepted in full with shares to be issued and allocated on January 4
- FOD has previously stated that it will use the money to support the rollout of its Juice Lab wellness products, and build brand awareness of its Original Juice Co and Juice Lab brands
- FOD has ended the day 6.06 per cent in the green with shares trading at 3.5 cents
The Food Revolution Group (FOD) has completed its share purchase plan (SPP) and raised $498,050.
The company announced a capital raise in early December with aims to raise $4.5 million through a $4 million placement and a $500,000 share purchase plan.
Under the placement, more than 114.2 million new fully-paid ordinary shares were issued to institutional and sophisticated investors at 3.5 cents.
This price was a 16 per cent discount to FOD’s closing price of 4.2 cents on November 30 and a 16 per cent discount to the 15-day volume-weighted average price of 4.16 cents.
Under the share purchase plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares also priced at 3.5 cents.
All applications were accepted in full with shares to be issued and allocated on January 4.
“The company is well placed as we move into 2021 having secured higher prices with the major retailers in September, signed supply agreements with leading orange growers and delivered sales volumes well ahead of the previous corresponding period,” CEO and Managing Director Tony Rowlinson said.
“With the global consumer trend towards food and beverages that provide immunity support continuing and the increased awareness of healthier alternatives, the outlook for the company remains strong,” he added.
FOD has previously stated that it will use the money from both the placement and SPP to support the rollout of its Juice Lab wellness products, and build brand awareness of its Original Juice Co and Juice Lab brands.
FOD has ended the day 6.06 per cent in the green with shares trading at 3.5 cents in a $27.76 million market cap.
