Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole
Managing Director, Ben Cole
Source: Wide Open Agriculture
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  • Wide Open Agriculture (WOA) enters a trading halt while it plans the details of an upcoming capital raising
  • The company will remain in the halt until November 29 or when more details are released, whichever occurs first
  • On November 22, WOA announced it had signed a distribution agreement with Woolworths (WOW) to have Dirty Clean Foods’ oat milk, OatUP, available for purchase
  • The agreement has an initial term of one year with expected revenue of $750,000 for WOA
  • Shares in WOA last traded at 85 cents on November 24

Wide Open Agriculture (WOA) has entered a trading halt while it plans the details of an upcoming capital raising.

The company will remain in the halt until November 29 or when more details are released, whichever occurs first.

WOA is yet to disclose how much it intends to raise or what it will use the funds for once received.

On November 22, WOA announced it had signed a distribution agreement with Woolworths (WOW) to have Dirty Clean Foods’ oat milk, OatUP, available for purchase.

The agreement has an initial term of one year with expected revenue of $750,000 for WOA.

Beginning April 1, 2022, OatUP will be available exclusively in half of Woolworths’ stores across the country.

WOA last tapped investors for cash in October 2020 when it undertook a $7 million placement and $1.5 million share purchase plan.

Under the placement, 7,777,778 new fully-paid ordinary shares were issued to institutional and sophisticated investors at 90 cents.

Eligible shareholders then received the opportunity to subscribe for up to $30,000 worth of shares under the share purchase plan.

WOA put the money from both the placement and SPP towards a commercial-scale oat milk facility and to develop and operate a pilot-scale lupin manufacturing facility.

Shares in WOA last traded at 85 cents on November 24. The company has a $97.29 million market cap.

WOA by the numbers
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