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  • The Sustainable Nutrition Group (TSN) enters an agreement to acquire The Australian Superfood Company for $3 million
  • The Australian Superfood Company is a leading producer of Australian native and indigenous foods, ingredients, beverages, cosmetics and nutraceuticals
  • The $3 million acquisition price consists of a $1.85 million cash payment, which will be raised via a share placement, and $1.15 million worth of TSN fully-paid ordinary shares
  • The acquisition is expected to be completed on January 28, 2022, following the capital raising
  • Shares in TSN are down 2.04 per cent on the market and are trading at 24 cents

The Sustainable Nutrition Group (TSN) has entered an agreement to acquire The Australian Superfood Company for $3 million.

The Australian Superfood Company is a producer of Australian native and indigenous foods, ingredients, beverages, cosmetics and nutraceuticals.

It’s also a leading supplier of native and indigenous fruits and ingredients such as Desert Lime, Bush Apple, Bunya Nut Meal, Finger Limes and Wattleseed.

This acquisition provides TSN with further scale in the growing ingredients market through new products and geographies.

TSN Managing Director Neale Joseph said the acquisition represents a significant milestone for the company.

“The acquisition is another significant milestone in the delivery of our stated strategy of generating shareholder value through the production and sale of plant-based, sustainable and traceable ingredients and products,” Mr Joseph commented.

“Importantly under TSN’s ownership, we will remain committed to these and other projects that support indigenous communities and their ability to commercialise agriculture and be sustainable for the long-term.”

The $3 million acquisition price consists of a $1.85 million cash payment, which will be raised via a share placement, and $1.15 million worth of TSN fully-paid ordinary shares.

TSN has received firm commitments from new and existing investors to raise roughly $4.7 million.

A total of 23.5 million new fully-paid ordinary shares will now be issued to sophisticated, professional and experienced investors at 20 cents.

This price represents a 16.2 per cent discount to the 10-day volume-weighted average price of 23.8 cents.

Further, participants will receive one attaching option for every two shares subscribed for, exercisable at 26 cents with expiry on July 31, 2023.

TSN will use the money to pay the cash component of the Australian Superfood acquisition, brand development, product innovation and development costs.

The company is now planning to undertake an entitlement offer on the same terms of the placement to raise up to $3 million.

Exact details are still to be finalised, and further information will be made to shareholders early next year.

The acquisition is expected to be completed on January 28, 2022, following the capital raising.

Shares in TSN were down 2.04 per cent on the market and were trading at 24 cents at 3:07 pm AEDT.

TSN by the numbers
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