Wellness group taps investors to boost stock levels at Pulsin and eye acquisitions
Tooru PLC (AIM:TOO, FRA:73N), the health and wellness brand group listed on London’s junior AIM market, has raised £1.1 million through a share placing and by converting debt into equity.
The company, which owns Pulsin, a producer of protein bars and keto snacks, said the funds will help bolster stock levels and provide working capital for future acquisitions.
The bulk of the raise, £800,000, came from a placing of 320 million new shares priced at 0.25p each. That matches Tooru’s closing share price on Tuesday.
A further £300,000 was raised through the conversion of existing debt at the same price.
Chief executive Scott Livingston contributed £52,000 to the placing and agreed to convert £100,000 of debt owed to him into equity. After the transactions, he will own nearly 184 million shares, or 8.68% of the company.
Chair Nicholas Lee converted £50,000 of debt, taking his total holding to 24.6 million shares. S-Ventures, a wellness-focused investment firm that previously backed Tooru, has also swapped £150,000 of debt for shares and now holds just under 25% of the group.
Oberon Capital, part of Oberon Investments, was appointed joint broker and acted as lead bookrunner on the fundraising.
The company also plans to offer retail investors the chance to participate in the investment round, a process that could bring in an additional £250,000.