- Wellness and Beauty Solutions (WNB) has raised more than a million dollars in a placement to institutional and sophisticated shareholders
- The company has also announced a share purchase plan (SPP) to raise an additional $1 million
- $2.3 million will be raised all up, to fund its brands business including MICRO19
- In March, WNB announced a range of anti-bacterial products, under the MICRO19 brand, as a direct response to the massive increase in demand for hand and surface spray sanitiser, due to the COVID-19 pandemic
- The first delivery of MICRO19 products to a major pharmacy retailer will commence this week
- Despite the news, shares in WNB are down 18.1 per cent today and are selling for 0.9 cents each
Consumer discretionary company Wellness and Beauty Solutions (WNB) has raised more than $1.3 million through a placement to shareholders to help fund the distribution of a range of new products.
In addition, the company will look to raise a further $1 million through a share purchase plan (SPP) for existing shareholders.
The new funds will go towards working capital for sales, distribution and marketing for its GBCo portfolio of brands, including the recently announced MICRO19 range.
WNB announced in March a proprietary anti-bacterial product range, MICRO19, as a direct response to the increased demand for hand and surface spray sanitiser to stop the spread of the COVID-19 pandemic.
Earlier this month, the company announced the joint venture company had signed a licensing agreement for the MICRO19 trademark with a third party for the manufacture and sale of hand sanitiser product.
WNB said the first batch of those products will be delivered to a major pharmacy retailer this week.
The placement will result in the issue of 163,244,000, new shares at 0.8 cents per share, of which 100,864,520 of those shares will be issued under the ASX class waiver “Temporary Extra Placement Capacity”.
The new shares will rank equally with existing fully paid ordinary shares in the company.
Shares in WNB are down 18.1 per cent today and are selling for 0.9 cents each.