Me Today raises $3.1m in oversubscribed rights issue

Me Today has successfully raised $3.1 million through a rights issue, exceeding its target raise level of $2.8m.

The company accepted $300,000 in oversubscriptions, equivalent to an 11.9% oversubscription.

The majority of the total subscriptions, amounting to $2.35m, was contributed by the trustees of the Baker Investment Trust No 2 and the Sinclair Investment.

The remaining $750,000 was raised from both existing and new shareholders.

This capital raise is part of Me Today's debt restructure plan, which aims to separate its business from King Honey and create growth opportunities.

The funds will be utilized for various purposes, including investment in the brand, exploration of sales and brand opportunities in domestic and international markets, as well as research and development projects.

The new shares resulting from the rights issue will be allotted today.