20th Jul 2021 20:09
(Alliance News) - Distil PLC on Tuesday said it has raised GBP3.2 million via placing and subscription.
Distil is a premium drinks brands owner, including RedLeg spiced rum, Blackwoods gin and vodka, TROVE Botanical vodka, Blavod Black vodka, Jago's cream liqueur and Diva vodka.
The fundraising will allow Distil to enter into investment arrangements with Ardgowan Distillery Co Ltd to part fund the development of a new whisky distillery by Ardgowan and, through its subsidiary, Distil Co Ltd, enter into a manufacturing agreement and a mutual services agreement with Ardgowan "to take advantage of the operational and strategic opportunities presented by the Investment".
Distil said it has placed 87.5 million new shares at a price of 2 pence per placing share to raise GBP1.75 million before expenses. The company also launched a subscription of 72.5 million shares at the same price to raise GBP1.45 million before expenses.
Distil shares closed 5.4% lower in London on Tuesday at 2.17p each, giving it a market capitalisation of GBP10.9 million.
"We are delighted to announce our agreement and partnership with Ardgowan which we see as a fantastic opportunity to add significant growth to the business in both the short and long term," said Don Goulding, executive chair of Distil.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Distil