Cobram Estate Olives Secures Commitments for AU$175 Million in Institutional Placement; Shares Rise 3%

MT Newswires Live09-09

Cobram Estate Olives (ASX:CBO) completed its institutional placement under which it received commitments for AU$175 million at AU$3.20 per share from both existing institutional shareholders and new investors, according to a Tuesday Australian bourse filing.

The proceeds will be used to accelerate the execution of its growth strategy in the US, including the purchase of additional freehold farmland and the development of around 1,600 hectares of olive groves on additional land.

This land acquisition and planned olive grove development will increase the firm's total Californian plantings to around 3,600 hectares by the end of 2027.

The firm also launched a non-underwritten share purchase plan to raise up to a further AU$10 million for shareholders in Australia and New Zealand with the same terms as that of the placement.

Its shares rose 3% in recent trading on Tuesday.

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