- Forbidden Foods (FFF) is hungry for more capital, placing its shares in a trading halt ahead of a proposed fundraise
- The food producer will announce the full details of the capital raise on or before Friday, September 10
- FFF recently secured $1.25 million worth of working capital via a debt facility with Moneytech
- The company ended FY21 with $1.15 million in the bank and a $3.45 million net loss after tax
- Before Wednesday’s trading halt, shares in Forbidden Foods traded at 25 cents per share on Tuesday, September 7
Forbidden Foods (FFF) is hungry for more capital, placing its shares in a trading halt ahead of a proposed fundraise.
The food producer is expected to announce the full details of the capital raise on or before Friday, September 10, the last day the trading halt is in effect.
FFF recently secured $1.25 million worth of working capital via a debt facility with Moneytech.
The company announced the loan in late August after revealing its full year results for the 2021 financial year.
Forbidden Foods ended FY21 with $1.15 million in the bank and a $3.45 million net loss after tax.
The rice, flours and baby foods business brought in revenue worth $4.2 million during the 12-month period.
Since the end of FY21, FFF has entered into an exclusive distribution agreement over an initial two-year term with China-based Orange Group.
Orange Group will sell the company’s FUNCH brand of baby foods and has placed a second order for products worth $70,000.
Before Wednesday’s trading halt came into effect, shares in Forbidden Foods traded at 25 cents per share on Tuesday, September 7.