Overview of Wide Open Agriculture's recent announcement

Wide Open Agriculture Limited (ASX: $WOA) has successfully completed a $7.1 million placement and priority offer, as announced on 9 May 2024. The company issued 310,163,191 fully paid ordinary shares at $0.02 per share under the Tranche 2 Placement Offer and the Priority Offer, along with 177,331,596 free attaching options to participants. The options will have an exercise price of $0.03 each with an expiry date of 24 months from the date of issue. The company is set to seek quotation of the options, anticipated to occur on Wednesday, 17 July.

Executive commentary on the completion of the placement and priority offer

The completion of the $7.1 million placement and priority offer marks a significant milestone for Wide Open Agriculture. The strong support received from holders, with a total of $0.45 million subscribed for under the Priority Offer, reflects confidence in the company's prospects. Additionally, the firm commitments of $7 million in the Placement demonstrate the positive sentiment towards our initiatives. We are pleased with the outcome and look forward to utilizing the raised capital to further our strategic objectives and drive sustainable growth.

Summary of Wide Open Agriculture's announcement and outlook

Wide Open Agriculture (WOA) has successfully completed a $7.1 million placement and priority offer, issuing a substantial number of fully paid ordinary shares and free attaching options. The company received strong support from holders, indicating confidence in its future endeavors. The raised capital will enable WOA to pursue its strategic initiatives and drive sustainable growth. With a focus on the next generation of plant protein ingredients for food and drink manufacturers globally, WOA is committed to delivering outcomes on financial, natural, social, and inspirational returns. The company's innovative product, Buntine Protein, is gaining recognition for its climate-conscious, plant-based protein derived from lupins, and WOA is dedicated to scaling production at its state-of-the-art manufacturing facility in Grimmen, Germany. As WOA continues to progress, it remains committed to its '4 Returns' framework and the pursuit of a better future for people and the planet.