• Years in the making, Top Shelf International (TSI) has released Act of Treason, a 100 per cent agave spirit made from its dedicated agave farm and distillery in Queensland’s Whitsundays region.
    Years in the making, Top Shelf International (TSI) has released Act of Treason, a 100 per cent agave spirit made from its dedicated agave farm and distillery in Queensland’s Whitsundays region.
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Top Shelf International – owner of Ned Whiskey, Grainshaker Vodka, and Act of Treason Australian Agave – says its looking to raise $13.9 million, at a price of 10 cents per share, to pay down debt and provide working capital to ensure it hits key milestones over the next 15 months.

The two-for-three non-renounceable entitlement offer is a 43 per cent discount on its last traded share price of 17.5 cents on 21 May. Salter Brothers Capital and PAC Partners Securities are joint lead managers on the offer.

TSI said it would use $5-6 million of the raise to pay down debt.

The company signed a $5 million sale and leaseback deal on its Queensland agave farm in April in a bid to free up funds.

At the beginning of the year, TSI released its agave spirit, Act of Treason, which was received well.

Act of Treason’s release followed an organisational restructure and company reset after disappointing FY23 results, where it reported a net loss after tax of $48.3 million – a 194 per cent increase on the previous year.

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