Founders First Limited is pleased announce the successful completion of its Share Purchase Plan (SPP) which closed at 5pm on Friday 9th October.
The SPP received valid applications of $1.667m (4.765m shares) which was above the planned $1.5m raise. The board has decided to accept over subscriptions in line with the terms outlined in the SPP booklet.
This brings the total funds raised to $16.7m1 across the placement, SPP and the debt facility that has been previously announced to the ASX. CEO Mark Haysman commented “We are extremely pleased with the response we received through the placement and the SPP and this leaves us well placed to execute our growth strategy.”
Funds raised will support further investment into Kangaroo Island Distillery (KIS), Seven Seasons production facility (home of Green Ant Gin) and brand investment and will leave the company well placed to capitalise on consolidation opportunities across the craft sector.
Remaining Indicative dates Announcement of SPP Results: 14th October Allotment of SPP Shares: 20th October Expected quotation of shares under the SPP: 20th October Dispatch of Holding statements: End October
You can access the full announcement here