Maverick Scottish brewer BrewDog says it has hit the target for its proposed £2.3m fund raising exercise to go ahead.
The Aberdeen-based brewer, which has attracted controversy over some of its high alcohol brews including the 32 per cent ABV 'Tactical Nuclear Penguin' bottled ale, needed to attract £500,000 in subscriptions to its share issue by last Friday (January 8) in order to secure £2.3m in funding to expand the business.
Last week BrewDog admitted it was tens of thousands of pounds short of its target. But at the weekend the brewer announced it had attracted £503,000 by selling shares at £230 each to investors, and fulfilling the terms and conditions of the issue.
According to finance director Ian Hope if BrewDog hadn't received firm offers for shares to the tune of £500,000 directors of the business would have had to dip into their own pockets to make up the deficit, or the fund raising plan would have collapsed.
BrewDog said at the weekend that "with us so close to the target, we took the decision to extend the offer period until February 19, 2010, to help ensure we hit, and hopefully exceed our target".
Despite getting past the £500,000-mark the brewer is still on the lookout for takers of its shares. In its statement it appealed to existing shareholders to "refer a friend".
"If you can convince one of your friends to invest in BrewDog PLC, we will send you a bottle of Tactical Nuclear Penguin and a bottle of Tokyo*," the group said.
It added: "2010 has started well for us, we have a very solid order book for January and February and our new finance director is looking like a great addition to our growing team."