Wide Open Agriculture (ASX:WOA) has secured a financing agreement with National Australia Bank (NAB) for up to $12M to support the company's growth objectives of manufacturing plant-based beverages in Australia.
The agreement includes access to debt financing for the $12M, with $8M of this allocated to the domestic production of oat milk and Buntine Protein® enhanced oat milk.
Wide Open Agriculture expects to update the market on the timing and costs of the project by June 30, 2023.
The financing will allow the company to continue to grow its presence in plant-based food and beverages, as well as to achieve its commitment to domestic production concurrent with the launch of Buntine Protein® enhanced oat milks.