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- Mighty Craft (MCL) has raised $5.8 million via a placement to sophisticated and institutional investors at 29 cents per share
- The funds are primarily for the whisky strategy, but also to boost coffers after COVID lockdowns impacted the company’s venues business
- The company will issue about 20M ordinary shares, representing 6.2 per cent of issued capital on completion of the placement
- Mighty Craft remained steady today, closing at 32 cents per share on Monday, November 1
Mighty Craft (MCL) has raised $5.8 million via a placement to sophisticated and institutional investors to accelerate its whisky strategy and provide a buffer against COVID lockdowns.
The company, which has a portfolio of premium craft breweries and spirit distilleries, has been impacted by COVID-related lockdowns.
Managing Director Mark Haysman said 35 per cent of the company’s revenue came from its venues.
“This funding gives us comfort to accelerate our whisky investment while also enabling us to absorb further potential disruptions to venues if those situations arise,” Me Haysman said.
“We feel confident coming into the peak trading period with a restored balance sheet and restrictions lifting across the country.”
The raise was done at 29 cents per share, with those shares scheduled settle on Wednesday.
Mighty Craft remained steady today, closing at 32 cents per share on Monday, November 1.
