Cobram Estate Olives Ltd (ASX: CBO) launches a $51m capital raise to support expansion.
Cobram Estate Olives Ltd (ASX: CBO) is pleased to announce the launch of a fully underwritten institutional placement to raise $50m at $2/share (Placement), and a non-underwritten Share Purchase Plan (SPP) to raise up to a further $1m. The proceeds from the Placement and SPP will be used to accelerate execution of the Company’s core growth strategies both in Australia and the USA including a material expansion of the olive milling capability a the Company’s Boort grove in Victoria, and the acquisition of 438 acres of freehold land in California and the development of groves on this land.
Following the announcement, shares in Cobram Estate Olives Ltd were in a trading halt at the time of the announcement.
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