Mighty Craft (ASX: MCL) has received firm commitments to raise approximately $5.2M (before costs) via a placement of approximately 35.9 million new shares to sophisticated and institutional investors.

The new shares will be issued at a price of 14.5 cents per share and the funds raised will be used to accelerate the growth of the company’s spirits portfolio, gear up to support the acceleration of Better Beer from a sales and distribution perspective, and strengthen the balance sheet.

Mighty Craft is an Australian craft beverage accelerator that has built a unique infrastructure and distribution offering to enable them to scale production, distribution, and sales as they become Australia’s leading premium craft beverage company.

Following the announcement, shares of Mighty Craft were unchanged at $0.18.