A2 Corporation reaped $7.4 million in its recent capital raising, with the underwriter topping up the total to its target $11.3 million.
The share issue, of just over 113 million shares at 10c each, was announced last month.
The proceeds will be used to retire A2 Corporation's bank debt and provide for working capital.
It was underwritten by Mountain Road Investments, a company associated with A2’s chairman and majority shareholder Cliff Cook.
Mountain Road also subscribed for 54.3 per cent of the offer, meaning A2 raised $1.26 million from other investors.
A2 Corporation licenses intellectual property relating to the identification of cattle and the production of milk containing the A2 beta casein, which has been identified in some studies as having potential health benefits.
The company signed an exclusive license agreement
with Lotte Milk in South Korea in October 2007 for the production and sale of Lotte A2 Milk.
The first product was launched on shelf in South Korea on
August 1 through Lotte department stores, with the product to be distributed to other retail chains over the next two months.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- SIR BOB JONES: Brexit was not a mistake
- Tamihere, Seymour clash over failed charter school
- Good news and bad news for Sky TV in Netflix' horror result
- Wikileaks releases 20,000 DNC emails as part of new 'Hillary Leaks' series
- Vodafone reports landline gains, more profitable mobile mix for NZ operation
Most listened to
- Sunday Business with Andrew Patterson
- Business Week in Review with Grant Walker & Andrew Patterson
- “The justice system never troubled itself in the most elementary way to get the facts to decide the case” - Rodney Hide
- Hunter's Corner: Is the ASX taking our best and brightest?
- Cameron Officer on the car of the week: Mercedes-Benz C 300 Coupe