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Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald
Managing Director, Ben Cole
Source: The West Australian
  • Wide Open Agriculture (WOA) has received binding commitments from sophisticated and institutional investors to raise $3 million
  • More than 11 million shares will be issued at a price of 27 cents each
  • The company's largest and fourth largest shareholders took part in the placement to maintain their percentage holding in the company
  • The money from this placement, together with existing cash reserves, will be used to ensure that Wide Open Agriculture is well funded execute its targeted growth strategy
  • Wide Open Agriculture has ended the day 22.7 per cent in the green with shares trading for 40.5 cents each

Wide Open Agriculture (WOA) has received binding commitments from sophisticated and institutional investors to raise $3 million.

A total of 11,111,112 new fully paid shares will be issued at a price of 27 cents each.

This price represents an 18.2 per cent discount to the last closing price of 33 cents from May 29, and a 7.2 per cent discount to the 15-day volume-weighted average price of 29 cents.

Shares under the placement are expected to settle on June 12.

Wide Open Agriculture's largest and fourth largest shareholders took part in the placement to maintain their percentage holding in the company.

"The overwhelming demand from institutional and sophisticated investors is a strong endorsement of WOA's execution to date, but also demonstrates the belief that the company is positioned to grow alongside the rapidly expanding base of conscious food consumers and regenerative farmers," Managing Director Ben Cole commented.

"Our highly capable, experienced team is now ready to grow the company and maximise shareholder return and scale our positive impact," he said.

The money from this placement, together with existing cash reserves, will be used to ensure that Wide Open Agriculture is well funded execute a systematic and targeted growth strategy.

The company will now focus on accelerating domesticated overseas sales of regenerative meat, expanding and diversifying its product offering online, and launching oat milk and plant based protein products.

Wide Open Agriculture has ended the day 22.7 per cent in the green with shares trading for 40.5 cents each in a $23.29 million market cap.


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