Foley Family Wines Limited (NZSE:FFW) announced that it has entered into a conditional subscription agreement for a private placement of 7,092,199 common shares at NZD 1.48 per share for gross proceeds of NZD 20,000,001 on May 22, 2018. The transaction will include participation from Lion - Beer, Spirits & Wine (NZ) Limited which will subscribe 2,027,027 shares. The transaction will be raised by way of an overnight book build. The settlement and allotment of the shares will occur three business days after satisfaction of the conditions.