- Agricultural company, Wingara AG (WNR) starts week in a trading halt as it plans a capital raise
- It isn’t yet clear how much the company is aiming to raise or where the funds will be spent
- Wingara aims to become a leading seller of agricultural products with a particular focus on exporting hay products to Asia
- The company will remain in a trading halt until Wednesday, September 1, or when more information is released to the market
- On the market, Wingara last traded at 13 cents per share
Wingara AG (WNR) has commenced the week in a trading halt as it finalises details of a capital raise.
There aren’t any details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Wednesday, September 1, or when more information is released to the market, whichever one comes first.
Wingara specialises in processing, storage and marketing of agriculture produce for export markets.
Its overall growth strategy is to become a leading seller of agricultural products to the domestic and international markets, particularly focusing on exporting hay products to Asia.
Earlier this month, the company announced it will install an additional hay press at JC Tanloden’s Raywood hay processing facility in an attempt to increase export volumes.
Under an agreement, capacity at Raywood is set to increase to more than 100,000 megatons per annum.
Notably, terms of the agreement leads to additional revenue of more than $3 million per annum.
At the end of the June quarter, Wingara had about $1.6 million in cash after allocating $1.02 million on financing activities and $686,000 on investing activities.
On the market, Wingara last traded at 13 cents per share on August 24.