- Food Revolution Group (FOD) has secured a $3 million investment from two global institutes via Evolution Capital Advisors
- The funds will be sought through a placement, in which the company will issue around 85.7 million shares at a price of 3.5 cents per share
- Funding will help support the company’s rollout of the Juice Lab Wellness range, as well as FOD’s new cleanroom plant and equipment
- On market close for the day, FOD is down 5 per cent and is trading at 3.8 cents per share
The Food Revolution Group (FOD) has secured a $3 million investment from two global institutes via Evolution Capital Advisors.
The funds will be sought through a placement, in which the company will issue over 85.7 million shares at 3.5 cents per share.
The issue price is a 14 per cent discount to the company’s last closing price of 4 cents on March 26.
In addition to the above ordinary shares, there will be an offer of attaching options of one option for every three ordinary shares.
The funding will help support the company’s rollout of the Juice Lab Wellness range, as well as fund FOD’s new cleanroom plant and equipment.
“Having the support of these institutions and the capital rasied from this placement strengthens the company’s ability to now deliver on its growth
plans,” CEO Tony Rowlinson said.
“The company will update the market on other debt re-financing initiatives to further enable the company’s growth as these are finalised,” he added.
Last week, FOD’s “wellness shots” became available in over 1000 grocery stores across Australia.
Earlier this month, the health and wellness company launched its plant-based all-natural range, which includes three Juice Lab Super Shots called Focus, Immunity and Digest.
Coles has already said the product exceeded expectations after just four weeks.
Now, Woolworths (WOW), has signed on the drinks, which are expected to become available to customers in May.
On market close for the day, FOD is down 5 per cent and is trading at 3.8 cents per share.