Murray River Organics announce $30.6m equity raise
- By: "Farm Tender" News
- Hay & Fodder News
- Oct 14, 2018
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Yesterday, Murray River Organics (ASX:MRG) announced a fully underwritten $30.6m equity raising to support the Company’s turnaround strategy and to fund the needs of its growing business. MRG has also secured a 3 year debt facility with the bank. The equity combined with the debt will fund the cash needs of the business.
MRG has already undertaken significant restructuring of its management team and operations across the processing facilities and farming operations. It is rebuilding the Company’s operating backbone, a key foundation for profitable growth across the organic and better- for- you categories.
MRG’s Managing Director said “As the largest integrated certified organic dried vine fruit producer in Australia, Murray River Organics is well placed to leverage the growing demand for healthy snacking alternatives and better- for - you products both in Australia and internationally. We are confident that by providing quality, innovation, value and convenience we can exceed consumer expectations and realise Murray River Organics’ significant potential.”
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The ASX announcement relating to the equity raising can be found here
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