- $1.0 million placement secured through firm commitments from investors
- Strong support from major existing shareholders and new sophisticated and professional investors.
- Directors and management have skin in the game
- New capital to advance WOA’s asset-light strategy
Wide Open Agriculture (ASX: WOA) has secured commitments for a $1 million placement to sophisticated and professional investors.
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The backing included proposed participation by directors and management subject to shareholder approval.
The placement has attracted support from major existing shareholders and new investors, providing additional capital to progress WOA’s transition to an asset-light contract manufacturing model.
CEO, Craig Swan, said the transition is central to WOA’s strategy to establish a more efficient and scalable business model, reduce fixed manufacturing costs and resume commercial supply of its proprietary lupin ingredients to customers in global food, beverage and personal care markets.
“We are very grateful with the support received from our major shareholders and welcome the new investors joining WOA at this important stage in the Company’s development,” he said.
“This placement strengthens our financial position as we progress the transition to an efficient, asset-light business model.
“We believe our lupin protein offers a compelling combination of taste, nutrition, functionality, cost, and sustainability, positioning WOA to capitalise on growing global demand for high-quality protein ingredients.
“Our immediate priority is to secure the right contract manufacturing partner and resume commercial supply to existing customers, while progressing the broader opportunities for our lupin protein, fibre and oil ingredients.
“We are encouraged by the engagement with prospective manufacturing partners and remain focused on translating the value of our technology into strong commercial outcomes.”
WOA was steady at 1.1¢. Mkt cap $7.198M.
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