The Nasdaq-listed Hibernia Foods has completed a $33 million (€34 million) fundraising among European institutional investors, with the proceeds being used to repay the group's subordinated noteholders and to fund expansion of its European operations.

A total of 6.6 million new shares - 47 per cent of the existing equity - were placed with the new investors at $5 a share. The biggest new investor is Pan European Food Fund which took up almost three-quarters of the new shares and which will end up with 34 per cent of the enlarged ordinary share capital.