Lark Distilling Co. Ltd. (AU:LRK) has released an update.
Lark Distilling Co. Ltd. is embarking on an aggressive growth strategy, raising approximately $22.5 million through equity to invest in brand development, export strategy, and the consolidation of their Pontville site for scaling production. The company also announced a strategic barrel supply partnership with Seppeltsfield Wines and projected FY24 results with net sales of $14.0m and a whisky bank of 2.5 million liters. This financial move is backed by major shareholders and is aimed at strengthening Lark’s balance sheet, with a post-placement cash balance anticipated to be around $23m.
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