Top Shelf International completed its 2-for-3 institutional entitlement offer, raising $10 million by issuing approximately 100 million new shares at 10 cents each.

The offer saw strong uptake, with an 86% participation rate from domestic and international institutional investors. Institutional investors also committed an additional $1.3 million for shortfall allocations for the retail offer.

Settlement of new shares is expected on May 29, with trading commencing on May 30.

The retail entitlement offer, which opens on May 29 and closes on June 17, aims to raise $2.3 million. Eligible retail shareholders can subscribe for two new shares for every three existing shares at 10 cents per share.