East Imperial PLC on Monday proposed a fundraise for working capital to support its plans for continued expansion.

East Imperial shares jumped 29% to 1.10 pence each on Monday morning in London.

The New Zealand-based tonic waters and mixers producer said the planned £2.2 million raise would involve the issue of 10% secured convertible loan notes due 2025 to strategic investor Wen Hua International, East Imperial’s Chinese Mainland and Macau distribution partner.

East Imperial added that no offer or invitation will be made to shareholders regarding the proposed transaction.

Wen Hua International Chief Executive Officer Jason Leong said: ‘Being a leading distributor of imported spirits & wines in China, we are excited to extend our business relationship with East Imperial, the global purveyor of ultra-premium beverages. With our support, we believe East Imperial will be able to fast-track its global development in all strategic markets and capitalize the premiumization trend in the beverage category globally.’

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