- Health and wellness company, The Calmer Co. International (ASX:CCO), has completed a fully subscribed placement of $1 million to institutional and sophisticated investors
- The raised funds will be used to enhance the company’s production throughout 2024 through upgrades and duplications of key processing steps
- Key details of the placement include a $1 million investment with shares priced at 0.45 cents, led by Novus Capital
- CCO last traded at 0.4 cents, at 10am AEDT
Health and wellness company, The Calmer Co. International (ASX:CCO) has wrapped up a $1m placement to sophisticated investors to boost the company’s operations through Q1CY24.
Funds will be used to enhance the company’s production throughout 2024 through upgrades to key processing steps.
This includes in-line powder filling lines, high-throughput millers, and a Conveyer Convection Drying system.
The company’s flagship product is its health drink range based on the kava plant.
CCO recently won a contract with none other than Coles Australia (COL) to supply its Fiji-sourced kava health drinks
“Our rapidly growing ecommerce sales and new products launching in Coles will require the company to both increase the level of inventory we are holding in Australia and the USA and increase the output from our Navua Processing Facility,” CCO chief Anthony Noble said.
“These upgrades and the additional working capital will allow us to grow production by around four times over 2024.”
The placement was led by Novus Capital.
Investors will receive one attaching CCO Option, pending shareholder approval.
Novus Capital are to take a five per cent cut.
CCO last traded at 0.004 cents, at 10am AEDT.