- Wide Open Agriculture (WOA) has raised $20 million to transition into plant-based product manufacturing
- The placement will see around 26.7 million shares issued at 75 cents each
- Funding will help build and operate the first oat milk manufacturing plant in WA
- The facility aims to produce the world’s lowest carbon emissions per litre of oat milk under Dirty Clean Food’s brand
- Wide Open Agriculture are down 8.8 per cent, trading at 78 cents at 11:21 am AEDT
Wide Open Agriculture (WOA) has raised $20 million to transition into plant-based product manufacturing.
The placement will see around 26.7 million shares issued at 75 cents each.
The company will also offer a Share Purchase Plan (SPP) of around $2 million with the chance to acquire a maximum of $30,000 per shareholder at the same issue price of 75 cents.
The issue price represents an 11.8 per cent discount to WOA’s closing share price on November 24 of 85 cents.
Funds from both the placement and SPP will accelerate WOA into a fast-growing plant-based category in food, drinks and plant-based proteins.
The main initiative will be the design, build and operation of the first oat milk manufacturing plant in Western Australia. The facility aims to produce the world’s lowest carbon emissions per litre oat milk under Dirty Clean Food’s brand.
Additionally, the company will advance the scope of its pilot-scale functional lupin protein facility to supply the production of Dirty Clean Food’s high protein oat milk.
A site for the pilot facility has been identified and will unlock the ability to test technology to enhance gelation of lupin proteins and build new IP for potential trade secrets.
WOA’s managing director, Ben Cole, says the funding will help the company expand globally.
“This capital raise will allow us to rapidly advance our oat milk and functional protein business lines and further grow the Dirty Clean Food brand across Australia and South-East Asia,” he said.
Dirty Clean Food’s CEO, Jay Albany, commented on the WA-first facility.
“The plant will be a best-practice facility for green manufacturing and will provide Dirty Clean Food with scale and operating leverage as we harvest the best regeneratively farmed produce in Western Australia and share it with the world,” he said.
WOA shares are trading down 8.8 per cent, trading 78 cents per share at 11:21 am AEDT.