- Mighty Craft (MCL) has placed its securities in a trading halt as it begins planning a capital raise and acquisition
- The beer and spirits business hasn’t stated how much it’s planning to raise, however its trading halt is due to expire on June 11
- By then, the company will have completed the placement and institutional component of the entitlement offer and announced the results
- Today’s capital raise follows Might Craft releasing its Q3 FY21 results, showing the business had $11.7 million worth of cash on hand
- Shares in MCL last traded at 37 cents per share on June 8
Mighty Craft (MCL) has placed its securities in a trading halt as it begins planning a capital raise and acquisition.
The Australian beer and spirits business entered a trading halt on Wednesday, however, details of the release and acquisition are yet to be released.
At this stage, the company has only confirmed it will be carrying out an institutional placement and a pro-rata non-renounceable entitlement offer.
However full details of the raise should be announced this week as MCL’s trading halt is due to expire on Friday, June 11.,
Mighty Craft said by then it should have completed the placement and institutional component of the entitlement offer and also announced the results.
Prior to today’s capital raise, MCL had released its Q3 FY21 results, showing the business had $11.7 million worth of cash on hand in April.
The company’s income and profits both rose by more than 200 per cent during the three month period, however MCL’s expenses also blew out.
Mighty Craft reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) of negative $2.2 million for Q3.
Before Wednesday’s trading halt, shares in MCL last traded at 37 cents per share on June 8.