Canadian brine developer E3 Lithium links with oil major Imperial to drill world class brine asset. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Canadian brine developer E3 Lithium links with oil major Imperial to drill world class brine asset
Canadian brine developer E3 Lithium links with oil major Imperial to drill world class brine assetView Video
Sigma Lithium is set to become one of the world's largest hard rock lithium producers
Sigma Lithium is set to become one of the world's largest hard rock lithium producersView Video

Latest Share Chat

Medicinal Cannabis Firm Cellular Goods Raises GBP13 Million In IPO

Tue, 23rd Feb 2021 13:51

(Alliance News) - Cellular Goods PLC on Tuesday said it raised GBP13 million in its initial public offering amid strong demand from both institutional and private investors.

The London-based cannabinoids products firm said it will have a market capitalisation of GBP25 million at the IPO price and will be the first pure-play biosynthetic cannabinoids consumer products company to list on the main market of the London Stock Exchange.

Cellular Goods said earlier this month it hoped to raise GBP8 million in its IPO.

The company said 260 million shares, 52% of its total, will be issued at an offer price of 5 pence a share. A total of 192 million shares have been conditionally placed with institutional investors and 68 million have been allocated to retail investors through PrimaryBid.

"We want to involve as many private investors as possible so that they can both be part of and benefit from our growth as we become the trusted brand in consumer cannabinoids. Technology now means that listening at scale is not just a possibility but a requirement for successful consumer brands. We firmly believe that the future of the cannabinoid industry will be driven by biosynthetic production and our significantly oversubscribed IPO is a sign of investor confidence in this future," said Chief Executive Alexis Abraham.

Cellular Goods said it will have a total of 504.8 million shares in issue upon admission to the LSE, which is expected to be on Friday. Its ticker will be CBX.

Cash from the IPO will be used to finalise the development of, and launch, of its initial cannabinoid-based product range for cosmetics and sports recovery, the company said.

Tennyson Securities and Novum Securities are acting as Cellular Goods' joint bookrunners and brokers.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
Today 09:08

M&C Saatchi confirms FY profits will be in line with expectations

(Sharecast News) - M&C Saatchi said on Thursday that trading momentum has remained strong and full-year pre-tax profit will be in line with management's expectations....

Today 09:05

IAG converts 14 A320neo options into firm orders

(Sharecast News) - British Airways owner International Airlines Group (IAG) said was converting 14 A320neo orders into firm orders for 11 A320neos and three A321neos....

Today 08:44

LONDON MARKET OPEN: Housebuilders slide as house market starts to slow

(Alliance News) - Stock prices in London opened sharply lower on Thursday amid fears that the interest rate hikes required to rein in inflation will spark a global recession, while housebuilders fell...

Today 08:41

Pan African Resources completes feasibility study on Mogale Gold

(Alliance News) - Pan African Resources PLC announced on Thursday it had completed a definitive feasibility study on the Mogale Gold Pty Ltd's tailings storage facilities....

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.