Australian Whisky Holdings, a single malt whisky producer, announced that the application which the company has received from the sophisticated and professional investors to raise $11.9 million has been accepted which also include $5 million from Hong Kongese investor Ace Cosmo Developments Limited.

In order to raise the funds through placement, the company will issue 291.3 million fully paid ordinary shares. Based on the last closing price on 1 November 2018, the shares will be issued at a discount of 6.8 percent which is equivalent to $0.041 per share.

Australian Whisky has also entered into a distribution agreement with Ace Cosmo. As per the distribution agreement, Australian Whisky will do marketing and distribution of Ace Cosmo’s brand.

The agreement also includes Lark Distillery, Overeem Whisky, Nant Distilling Company and Forty Spotted Gin products in Hong Kong. This distribution is agreed for a period of initial 1 year, with a further option of 2 years.