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.