Completion of $7.1M Placement and Priority Offer

Wide Open Agriculture Limited (ASX: WOA, "Wide Open Agriculture" or the "Company") is pleased to announce the results of the Placement and Priority Offer announced to the ASX on 9 May 2024, raising a total of $7.1M (before costs).

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The Company will today issue 310,163,191 fully paid ordinary shares (Shares) at $0.02 per Share under the Tranche 2 Placement Offer and the Priority Offer, and 177,331,596 free attaching Options (Options) to Placement and Priority Offer participants on the basis of 1 Option for every 2 Shares issued to Tranche 1 and 2 Placement participants and Priority Offer Participants. The Options will have an exercise price of $0.03 each with an expiry date of 24 months from the date of issue. The Company will be seeking quotation of the Options. Quotation is anticipated to occur this Wednesday, 17 July.

The Company has received strong support from holders with a total of $0.45M subscribed for under the Priority Offer, with the Company having the right to place the shortfall to the Priority Offer under the Shortfall Offer until 9 October 2024.

The Company also received strong support in the Placement, with a total of $7M in firm commitments being received. Due to the shortfall in the Priority Offer, the total commitments received in the Placement Offer have been required to be scaled back from $7M to $6.64M, as otherwise a substantial shareholder would have acquired a voting power in the Company in excess of 20% in contravention of section 606(1) of the Corporations Act 2001 (Cth). The remainder of the commitment will be completed as part of completion of the Shortfall Offer, subject to compliance with section 606(1).

The issue of the Tranche 2 Placement Shares, Priority Offer Shares and Options were approved by shareholders at the Company’s General Meeting held on 9 July 2024.

Capitalised terms in this announcement have the meaning given to them in the Company’s Prospectus dated 10 May 2024, except as expressly defined otherwise.

This announcement has been authorised and approved in accordance with the Company’s published continuous disclosure policy.

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