RE: kenny what is the latest24 Feb 2021 22:02
(“AfriAg” or the “Company”)
23 February 2021
PROPOSED REVERSE TAKEOVER AND RE-ADMISSION TO AQSE AND £2.5 MILLION EQUITY RAISE
AfriAg is pleased to announce that, further to previous announcements made during 2019 and 2020 whereby it had acquired 2.68% of Apollon Formularies ltd (“Apollon”), a vertically integrated fully licenced medical cannabis company, it now intends to acquire the remaining issued share capital of Apollon it does not already own (the “Offer”). The initial consideration was paid in cash amounting to £1,160,000 and it is proposed to acquire the remainder of Apollon through the issue of new ordinary shares as consideration for Apollon.
The Company is currently working on re-admission of the enlarged share capital to the AQSE Growth Market, together with a fundraise (“Admission”). Concurrently with Admission, and subject to receipt of all necessary regulatory approvals the conditional £2,500,000 fundraising (as described below in “Equity Raise”) by way of placing and subscription of new ordinary shares will support, amongst other things, further research, development and medically supervised trials using full spectrum medical cannabis oils and formulations inclusive of THC.
In view of the size of the Offer relative to the Company and voting control of the Company, the Offer constitutes a reverse takeover under the AQSE Growth Market Rules and is therefore conditional, amongst other things, on the approval of Shareholders.
The Company expects that Admission post approval by regulators and shareholders to become effective in March 2021.
On Admission and subject to shareholder and regulatory approval, it is proposed that the Company change its name to Apollon Formularies PLC.
Equity Raise
The Company has received firm commitments for £2,500,000, before expenses, (through a combination of c. £2,000,000 in placing shares and c. £500,000 in subscription shares, for new ordinary shares of 0.1 pence each in the Company at a price of 5 pence per share. This funding will become unconditional and the placing and subscription Shares will be issued on Admission.
About Apollon – Information supplied by Apollon Formularies
Apollon Formularies is an international medicinal cannabis pharmaceutical company. It conducts business through investments and contractual arrangements with various persons and entities. Apollon Formularies Jamaica Ltd (“AFJ”) is the principal entity with which Apollon has an interest, which will exist pursuant to the Commitment Agreement, conditional to Admission. AFJ is a government licensed medicinal cannabis company incorporated in Jamaica and is licensed and approved to cultivate, process, perform research and development, and sell medical cannabis.
Key strengths
Medically supervised treatments
Apollon’s fully licenced full spectrum framework gives the company unrivalled ability to perform medically supervised treatments
Jamaica’s regulations mean that Apollon’s medically supe
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