PriceSensitive

Jatcorp (ASX:JAT) to raise $2.8M for ANMA expansion

Consumer
ASX:JAT      MCAP $27.06M
22 January 2021 13:45 (AEST)
Jatcorp (ASX:JAT) - Managing Director, Wilton Yao (centre)

Source: Jatcorp

China-Australia trade company Jatcorp (JAT) has received applications to undertake a $2.8 million placement.

The company entered a trading halt on Wednesday but did not disclose how much it would be raising or what the funds will be used for.

All up, 148,817,781 fully-paid ordinary shares will be issued to sophisticated and professional investors at 1.9 cents.

Furthermore, subject to shareholder approval, investors will receive one free-attaching option for every two shares subscribed for, exercisable at 0.6 cents on or before January 29, 2023.

Also subject to shareholder approval, 10 million shares will be issued to Chairman Brett Crowley to raise an additional $200,000.

Once received, Jatcorp will use the funds to expand its ANMA manufacturing facility, develop new products and provide working capital.

The ANMA facility, which is located in Melbourne, produces Jatcorp’s milk formula products.

After emerging from a trading halt, shares in Jatcorp are steady on the market and are trading at 2.3 cents at 2:25 pm AEDT.

Related News