Wingara AG (ASX:WNR) - Executive Chairman, Gavin Xing
Executive Chairman, Gavin Xing
Source: AusBiz
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  • Agriculture company Wingara AG (WNR) has secured firm commitments to undertake a placement for approximately $5 million
  • More than 26.5 million shares will now be issued to sophisticated and institutional investors at a price of 19 cents each
  • In addition, Wingara Directors have committed to subscribe for an additional $100,000, however, this is subject to shareholder approval
  • The shares are expected to settle on August 21 and be issued and begin trading on the ASX on August 24
  • The money will go towards new infrastructure, the purchase of additional hay inventory, and general working capital
  • Wingara has ended the day with no change and shares trading for 26.5 cents each

Agriculture company Wingara AG (WNR) has secured firm commitments to undertake a $5.037 million placement.

The company requested a trading halt on August 12 but at the time did not state how much it would be raising or where the funds will go to.

A total of 26,513,833 shares will now be issued to sophisticated and institutional investors at a price of 19 cents each – representing a 23.4 per cent discount to the 15-day volume-weighted average price of 24.94 cents.

In addition, Wingara Directors have committed to subscribe for an additional $100,000, however, this is subject to shareholder approval.

The shares are expected to settle on August 21 and be issued and begin trading on the ASX on August 24.

Of the $5.037 million, $1 million will go towards new infrastructure, $3.7 million will go towards the purchase order of additional hay inventory, and $300,000 for offer costs and working capital.

“We are very pleased with the strong level of support that resulted in the placement being oversubscribed,” Chairperson-elect David Christie said.

“I would like to thank our existing shareholders for their continued support, and welcome the new sophisticated and institutional investors joining our register who I look forward to working with,” he added.

Wingara has ended the day with no change and shares trading for 26.5 cents each in a $28.10 million market cap.

WNR by the numbers
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