Australian Wine Holdings raise $388,800 in equity placement

South Perth-based wine producer Australian Wine Holdings Ltd has advised the placement of 48.6 million ordinary fully paid shares at 0.8 cents each has raised $388,800.

The placement is in accordance with ASX listing rule 7.1 and has been made to a sophisticated investor in accordance with Section 708 of the Corporations Act.

In January, the company expanded its wine supply agreement and joint venture arrangement with McWilliam's Wines Pty Ltd to include the award winning "Hay Shed Hill" and "Pitchfork" wine labels.

At 1045 WST, shares in Australian Wine Holdings were at 1.2 cents.