(Alliance News) - Chill Brands Group PLC on Thursday said it has full ownership of the Chill.com web domain, following its successful fundraise last week.
Shares in the cannabidiol products company were up 6.0% to 2.44 pence each in London on Thursday midday, however over the past 12 months the share price has dropped 96% from 56.30p.
Following payment of the remaining balance of USD800,000, Chill Brands said it holds full beneficial title to the digital asset Chill.com, which it continues to build its consumer brand around.
It said it will now "execute a visual refresh" of the Chill brand. This is intended to improve consumer targetting and ensure that the marketing of the brand is consistent across all regions, Chill Brands said.
Chief Executive Callum Sommerton said: "We are the proud owners of a highly brandable, premium domain asset reflective of a word that is pervasive in the everyday lives of consumers and is easy to say, spell, and remember.
"Those qualities are gold dust for marketers, and we intend to maximise the potential of the Chill.com domain by expanding and improving our brand which, in common with our consumers, should be bright, energetic and youthful," Sommerton added.
Last week, Chill Brands raised GBP212,201 through an open offer of 1.8 million units at a price of 12p each. Each open offer unit comprised of one new share and five unsecured convertible loan with a principal amount of 2p each.
The company fundraised a further GBP3.5 million back in April.
"The proceeds of the open offer will be put to good use in further expanding our brands through strategic marketing initiatives and the continued development of our sites," Sommerton said.
By Sophie Rose; sophierose@alliancenews.com
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Chill Brands (CHLL)