The Wattle Health Australia Ltd (ASX: WHA) share price has been one of the biggest movers on the market again today.
In morning trade its shares rocketed to an all-time high of $1.03. Although it has given back a good portion of these gains now, in afternoon trade the health and wellness food company's shares are still up a massive 17% to 93 cents.
What happened?
Investors have continued to respond positively to yesterday's announcement which revealed that the company's $9.1 million capital raising was vastly oversubscribed.
Management advised that strong demand for the placement led to total bids in excess of $20 million.
As a result, subject to shareholder approval, Wattle Health has decided to offer an additional $3.3 million worth of shares at 56 cents each.
The company will use the proceeds to acquire an interest in CNCA licensed manufacturer Blend and Pack, giving the company's infant formula products access to the lucrative China market.
