Cabonne, the Australian winemaker, announced today that it had raised A$8.09m through a renounceable rights issue of ordinary shares. The company also plans to raise another A$12.5m with a placement of converting preference shares to exploit a strong demand in sales.
The success of the rights issue, the company said today, reflected the appreciation of the progress made by the company on its strategy of becoming a fully integrated multi-branded wine company with established international distribution channels.
The International Wine Investment Fund will be subscribing and/or underwriting the converting preference share placement to the extent of A$9m, Cabonne said.