Riot Foods Limited has released a funding update following the company’s recent announcement that the business was seeking emergency funding after “significant challenges” occurred in their Ascot Rd production factory.
“We have had overwhelming support from all our stakeholders and from parties not previously engaged with our company,” said Director, Trevor Kamins.
The company is working with PledgeMe and are about to commence with a planned second round of capital raising which will begin as soon as the Information Memorandum is completed and approved for release.
“From the numerous new shareholder interest we have received already, together with support and feedback from existing shareholders, we are very positive about the program.”
The company’s directors have been working hard to gain short-term funding to enable the business to continue regular trading until the PledgeMe program is completed. “This does involve numerous formal processes that are advanced at this stage.”
Riot Foods has also received notification that the Risk Management Plan for its new Ascot Road Biltong facility has been approved.