Chill Brands Group PLC - Grand Junction, Colorado-based cannabidiol products - Rejects alternative proposal to its GBP3.5 million fundraising announced on April 26. Explains that it rejected the proposal because it would not provide the company with enough working capital, or the funds required to resource business activities. Says it plans to raise a further a GBP484,000 through an open offer to existing shareholders, following feedback received from shareholders. It will enable them to subscribe on the same terms as participants in its recent fundraising. Says the open offer will be at a 1 for 10 ratio to existing shareholdings.
The terms of its fundraising in April were a subscription for 29.2 million new ordinary shares at a price of 2 pence per share and the issue of convertible loan notes with a total value of GBP2.9 million.
Current stock price: 2.87 pence, down 4.5% on Monday
12-month change: down 95%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Chill Brands (CHLL)