Bubs raises $15m in placement and $5m in SPP

Company News

by Kathy Skantzos

Developer of infant nutrition products and baby formulas Bubs (ASX:BUB) has raised $15 million in a capital raise as well as $5 million in its share purchase plan.

The funds will be used to acquire NuLac Foods and a 50 per cent interest in NuLac’s dairy facilities.

The placement will see more than 25 million new shares issued to investors and more than 8 million shares to existing shareholders at $0.60 per share.

The share purchase plan was heavily oversubscribed and was scaled back on a proportional basis.

The shares will be issued on 20 December 2017.

Shares in Bubs (ASX:BUB) are trading 2.63 per cent lower to $0.74.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.