LONDON (Alliance News) - Alcoholic drinks producer Distil PLC Monday said it has conditionally raised GBP587,800 after conducting a placing of 73.5 million shares at a price of 0.8 pence per share.
Distil shares closed down 8.1% to 0.850 pence per share on Monday. The new shares were represent about 17% of the company's enlarged share capital.
The funds from the placing are to be used for general working capital and to develop and market its existing drinks brands, such as Blavod Black vodka and RedLeg rum, and to relaunch certain other owned brands, the company said in a statement.
"We are delighted to have been supported by new and existing investors as we continue to establish new markets for our brands all over the world," said Executive Chairman Don Goulding.
Last Wednesday, Distil said its Blackwoods Small Batch gin had received full approval from the US Alcohol and Tobacco Tax and Trade Bureau for sale in the US alongside the signing of a long-term import and distribution deal with The Winebow Group for the Blackwoods and RedLeg brands, which will cover the US, Virgin Islands and Puerto Rico.
Distil said it is now expecting further approvals for Blackwoods Limited Edition gin, RedLeg spiced rum and Blackwoods Botanical vodka to follow in the near term.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Distil (DIS)