(Alliance News) - East Imperial PLC on Wednesday said it has raised GBP325,000 through a placing.
The New Zealand-based tonic waters and mixers producer said it has raised the funds through a placing of 29.5 shares, priced at 1.1 pence each.
Shares in the company were down 27% to 1.10p each in London on Wednesday morning.
East Imperial said the proceeds of the placing will be used to provide additional working capital and to help realise the growth opportunity in the US and Asia Pacific markets.
Chief Executive & Chair Anthony Burt said: "Working capital constraints for a good portion of 2023 made for a challenging year and slowed our planned expansion. However, we navigated the operational and cost obstacles and implemented important initiatives to drive further sales while improving margins. Our focused development plans, combined with strong sales teams and experienced local partners, provide an exciting opportunity to capitalise on our investments in building a scalable platform for our premium beverages."
By Sophie Rose, Alliance News senior reporter
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East Imperial (EISB)