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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.
