Gage Roads plan $1.5m raising

Palmyra-based Gage Roads Brewing Co Ltd said it has received commitments for 50 per cent of its planned $1.5 million capital raising.

The microbrewer today said it would undertake a pro rate renounceable entitlements issue of shares on the basis of 2 shares for each share held. Shares will issued at a price of one cent each.

If the issue is fully subscribed, the company will raise some $1.47 million with funds to be used as working capital.

The directors of Gage said it has received verbal commitments to underwrite some 50 per cent of the issue.