King Honey owner Me Today says it has placed $750,000 of the shortfall arising from its rights issue, bringing the total capital raised to approximately $7.5m.
Health, wellness and honey company Me Today has raised approximately $6.74m from a rights issue which closed on Thursday 23 June – enough to cover cashflow but short of the $10m target.
King Honey owner Me Today has opened its $10m rights issue offering eligible shareholders the opportunity to participate at $0.01 per share.
The healthcare and wellness group is downsizing its honey operations and raising cash to invest in its brands and international distribution.
Auckland-headquartered international coffee chain Cooks Global Foods has issued 80,989,340 new shares at 3 cents each totalling $2.43m following a shortfall from its rights issue last year.
The healthcare and wellness company has had to turn to its investors for cash after being surprised by inventory levels after its acquisition of King Honey.
Me Today Group has called a special meeting for Friday 18 March to seek approval from shareholders for a $6m placement of additional share capital.
The healthcare and wellness company turns to shareholders to stump up funds because of “cashflow pressure” following its King Honey acquisition.
Me Today’s proposed $15.75m capital raise which will part fund its $36m purchase of King Honey from Sky co-founder Terry Jarvis has won support from wholesale investors.
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