Australian Wine Holdings has raised A$388,800 (US$294,000) through a share issue.

The wine producer said yesterday (24 May) that it had placed 48.6m ordinary fully paid shares at 0.8 cents each.

In January, the company expanded its wine supply agreement and joint venture arrangement with McWilliam's Wines to include the Hay Shed Hill and Pitchfork wine labels. The deal meant that McWilliam's Wines owns 50% of the two brands and will market and distribute them domestically and overseas for the next five years.