Farm Pride announced to raise AU$3.5 million via placement

Farm Pride Foods Ltd (ASX: FRM) announced that it had received binding commitments from investors under the Placement that will raise AU$3.5 million before costs denoting the issue of 63,636,364 new shares. Additionally, the company has launched the NREO, a 7:12 pro rata non‐renounceable entitlement offer of approximately 32 million new shares to eligible shareholders as at AU$0.055 per New NREO Share to raise up to AU$1.77 million. 

The net proceeds from placement will be used by the company to provide funding for working capital, repairs and maintenance to existing infrastructure, investment in expanding farm and processing capacity and to pay down debt.

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