- Wide Open Agriculture's (WOA) share purchase plan closed oversubscribed, more than doubling the targeted $1.5 million
- The regenerative food and farming company revealed it received applications totalling almost $4.1 million
- Applications will now be scaled-back with shares to be issued on November 10
- Wide Open Agriculture will use the money to develop and operate a pilot-scale lupin protein and oat milk manufacturing facilities
- Company shares are up 4 per cent on the market and are trading for 91 cents each
Wide Open Agriculture's (WOA) share purchase plan closed oversubscribed, more than doubling the targeted $1.5 million.
After opening the share purchase plan in October, the regenerative food and farming company revealed it received applications totalling $4,090,800.
As a result, the Directors will scale-back applications and participants may receive less than what they applied for.
A total of 1,666,667 new shares will now be issued on November 10 with a quotation on November 11.
Shares were priced at 90 cents each, representing a 17.5 per cent discount to the five-day volume-weighted average price of shares on October 7.
Shareholders were able to purchase up to $30,000 worth of shares without incurring any brokerage or transaction costs.
The funds from the share purchase plan, and a $7 million placement, will be used to develop and operate a pilot-scale lupin protein manufacturing facility.
The lupin protein will be used in WOA's Dirty Clean Food (DCF)-branded products or sold to third party companies.
The money will also go towards the design, build and operation of a commercial-scale oat milk facility, and be used to expand the sales and product range of DCF.
Wide Open Agriculture is up 4 per cent on the market with shares trading for 91 cents each at 11:05 am AEDT.