Calmer Co taps investors for $2M

Having launched its products on the shelves at Coles this year, Calmer Co (ASX:CCO) is looking to the next stage of expansion by tapping investors for $2M.

The company is conducting a renounceable rights issue on a one for three basis at 0.4cps.

For every two new shares picked up, shareholders will receive one attaching option at an exercise price of 0.6cps expiring 30 June 2026.

The amount raised in total will be up to $2.019M. The 0.4cps pricetag puts it at a 43% discount to the last traded price (pre-open Monday), and, a 35% discount to the 30 day average.

All of Calmer Co’s directors on board “intend to participate” in the issue.

“The business has been experiencing rapid sales growth in our eCommerce and retail channels. It is critical that we continue to invest in growing our production capacity,” CCO CEO Anthony Noble said.

“The Directors believe that this offering is priced to be extremely attractive and prioritises our existing shareholders, as is appropriate.

“All of the Directors will be participating in the offer and I strongly encourage our shareholders to take up their right.”

CCO last traded at 0.7cps.