The company was looking to raise up to $2.8 million through a...

The company was looking to raise up to $2.8 million through a placement of new shares, according to terms sent to funds.

The shares were being offered to potential investors at 1.9¢ each, which represented a 17.4 per cent discount to Jatcorp's last close, and a 19.8 per cent discount to the 20-day VWAP.

Money raised would go towards machinery to make probiotic consumable products, as well as new product development and general working capital, funds were told.

Jatcorp makes and sells products like milk powder, vitamins, plant-based meat, cosmetics and dairy products, and is primarily focused on selling into the Asian market.

EverBlu Capital was lead manager on the deal and was calling for bids into the placement by 4pm on Thursday.