We are pleased to announce that Mighty Craft has received firm commitments to raise approximately A$5.2 million (before costs) via a placement to institutional and sophisticated investors of approximately 35.9 million new shares at 14.5 cents per share. The issue price of 14.5c a share represents a 19.4% discount to the last close on Friday 17th March 2023 and a 20.7% discount to the 10 day VWAP.
Our Managing Director Mark Haysman said:
“Mighty Craft is at a very exciting juncture given the significant growth we are experiencing and the upside potential across our portfolio. Our H1 FY23 growth rates were strong and as we set the path to achieving our FY25 ambitions we believe the time is right to bring some new investors into the business to support our growth over the coming years.
“We are confident in achieving our FY25 ambitions given the success of Better Beer and scope for growth across our other brands in particular our premium spirits portfolio.”
The Placement Shares will be issued under the Company’s existing 15% placement capacity under ASX Listing Rule 7.1 and are expected to settle on Tuesday 28th March 2023.
For the full ASX announcement, click here.
For the investor presentation, click here.