Top Shelf International announced a $13.9 million capital raise through an accelerated non-renounceable entitlement offer priced at 10 cents per share.

The offer includes one free option for every two shares issued, with participation open to eligible shareholders until June 17.

The funds will be allocated to repay part of the senior secured loan facility, working capital, and transaction costs.

Salter Brothers Capital and PAC Partners Securities serve as joint lead managers for the offer.