- Gage Roads Brewing (GRB) is gearing up to announce a new capital raise
- The brewer has asked the ASX to implement a trading halt, pending the announcement
- No details have been released just yet, but last month, Gage Roads extended its credit line to $12 million
- The brewer also announced a partnership with San Miguel Brewery to import three of its beers
- Gage Roads’ shares were last trading at 5.7 cents per share
West Australian brewer Gage Roads Brewing (GRB) is gearing up to announce the details of a new capital raise venture.
The brewer has requested a trading halt, with the ASX implementing the halt today, ahead of the capital raise announcement.
It will be lifted once the details of the capital raise are set out, or on July 7 – whichever occurs first.
The news of a capital raise comes after Gage Roads recently announced it had extended its line of credit.
The brewer refinanced with Commonwealth Bank, extending its working capital from a $4.5 million limit to $12 million.
The brewer said the new working capital will help cover the cost of its growing Good Drinks strategy, which is a mixture of local brands produced in WA.
The brands which fall under Good Drinks include Gage Roads Brewing’s Matso’s, Alby, Atomic Beer and Hello Sunshine apple cider lines.
Gage Roads also recently entered into a partnership with Philipines-based San Miguel Brewery, to import several of its beers into Australia.
Among the beers being brought in and sold are San Miguel Pale Pilsen, San Mig Lower Carb and Red Horse.
Before Gage Roads shares entered their trading halt, they were trading for 5.7 cents per share.