UK-based wine company, Chapel Down Group plc, is pleased to announce that it has now reached the maximum available under the terms of the equity crowdfunding campaign that was launched on Seedrs last month. Accordingly the crowdfunding campaign is now closed. The company has raised a total of £3.95m through the issue of 14,120,782 new ordinary shares at 28 pence each (“New Shares”).
The new funds will be used to enable Chapel Down to satisfy the ever increasing demand for its award winning products. Funds will be used to plant more vines, build a new winery, construct new distribution and storage facilities, build a brewery and a visitor attraction and extend the hospitality at the headquarters in Tenterden.
Of the £3.95m raised, £1.7m has been raised by way of an institutional placing of 2,533,927 new ordinary shares and subscription of 3,464,285 new ordinary shares at 28 pence each. These shares have already been admitted to ISDX. The 8,122,570 new ordinary shares being issued in respect of the crowdfunding, will be issued on 6th October 2014, taking the issued share capital to 100,110,064 ordinary shares.
Commenting on this announcement, CEO of Chapel Down, Frazer Thompson stated,”We are absolutely delighted with the success of our equity crowdfunding offer. Raising the money is obviously fantastic, and will allow us to grow the business faster, but the fact that over 1,470 investors have decided to buy into the Chapel Down story is just as important.”
“We wanted to build a significant body of shareholders who are supporters of our brands, and who buy our products and encourage their friends to do the same. Crowdfunding through Seedrs has helped us to achieve this – and we are delighted to have used this innovative way to raise capital and to welcome our new shareholders to the Company.”
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