Total
0
Shares
Wide Open Agriculture (ASX:WOA)- Managing Director, Dr Ben Cole - The Market Herald
Managing Director, Dr Ben Cole
Source: Countryman
  • 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.


Subscribe


WOA by the numbers
More From The Market Herald
Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald

" Wide Open Agriculture (ASX:WOA) progresses lupin protein

Wide Open Agriculture (WOA) is one step closer to making a plant-based protein out of lupin.
RotoGro International (ASX:RGI) - Non Executive Chairman, Michael Carli - The Market Herald

" RotoGro International (ASX:RGI) to raise $1.53M for vertical farming

RotoGro International (RGI) has received firm commitments to raise $1.53 million through a placement.
Elders (ASX:ELD) - Managing Director & CEO, Mark Allison - The Market Herald

" Elders’ (ASX:ELD) profits soar with Australia’s agricultural resilience

Thanks to Australia’s rapidly rebounding agriculture sector, Elders (ELD) has posted an 80 per cent jump in profit for the 2020 financial year.
Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald

" Wide Open Agriculture (ASX:WOA) completes heavily oversubscribed share purchase plan

Wide Open Agriculture (WOA) has officially pocketed $1.5 million from shareholders through a heavily oversubscribed share purchase plan.