Total
0
Shares
Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald
Managing Director, Ben Cole
Source: Wide Open Agriculture
  • Food and agriculture company Wide Open Agriculture (WOA) is looking to raise up to $8.5 million through a placement and share purchase plan
  • Institutional and sophisticated investors have already shown support for the $7 million placement which will issue more than 7.7 million shares at 90 cents
  • The share purchase plan will be capped at $1.5 million and shareholders have the opportunity to buy up to $30,000 worth of shares
  • WOA will use the money to develop and operate its lupin protein and oat milk production facilities as well as develop an ethical meat and digital platform
  • Company shares are trading 8.41 per cent lower for 98 cents

Wide Open Agriculture (WOA) has received binding commitments to raise $7 million through a placement.

The company will issue 7,777,778 new fully paid ordinary shares to institutional and sophisticated investors at an issue price of 90 cents.

The issue price represents a 15.9 per cent discount to WOA's last closing share price on Thursday, October 1 and a 17.5 per cent discount to its five-day volume-weighted average price of $1.09.

The placement received strong support from existing shareholders, including the company's sixth largest shareholder who increased his percentage holding. Additionally, the company welcomed new institutional and high net-worth investors to its register.

"We are delighted with the outcome of the placement, which has secured interest from new and existing investors who recognise the value in the company, but it also demonstrates the belief the company is positioned to grow alongside the rapidly expanding base of conscious food consumers and regenerative farmers," Managing Director Ben Cole said.

In addition to the placement, WOA will launch a share purchase plan to raise up to $1.5 million. Shareholders will have the opportunity to purchase up to $30,000 worth of shares at 90 cents each.

Wide Open Agriculture will use the money from the placement and share purchase plan to develop and operate a pilot-scale lupin protein manufacturing facility. The lupin protein will be used in Dirty Clean Food (DCF)-branded products or sold to third party ingredient or consumer product companies.

The funds will also go towards a commercial-scale oat milk facility in WA which will produce oat and other plant milk products under the DCF brand, and general working capital.

Furthermore, WOA is developing a marketing strategy and farming system for beef, lamb and poultry operations for online sales and a national supermarket chain.

Company shares are trading 8.41 per cent lower for 98 cents at 12:38 pm AEDT.


Subscribe


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

" Wide Open Agriculture (ASX:WOA) closes oversubscribed SPP

Wide Open Agriculture’s (WOA) share purchase plan closed oversubscribed, more than doubling the targeted $1.5 million.
Australian Dairy Nutritionals (ASX:AHF)-CEO, Peter Skene - The Market Herald

" Australian Dairy Nutritionals Group (ASX:AHF) sells Farm for $6M

Australian Dairy Nutritionals Group (AHF) has sold its Drumborg farm in Victoria for $6 million.