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

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