RNS17 Jun 2020 14:04
RNS Number : 2670Q
FastForward Innovations Limited
17 June 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
17 June 2020
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investee Company Update: Portage Biotech Inc.
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note the update from its investee company, Portage Biotech Inc. ('Portage'), in which it holds a 1.18% interest (this figure is from before the share issuance and will therefore be slightly diluted by the raise). Noting the below, FFWD reminds investors that it acquired its interest in Portage at a price of US$0.10 per share, being equivalent to US$10.00 per Common Share following a capital re-organisation by Portage.
The announcement is set out below without material changes or adjustments.
Portage Biotech Inc. ('Portage' or the "Company")
Portage Raises More Than US$6.7 Million Through Non-Brokered Private Placement
Temporary Symbol Change on OTC Markets
· Accelerates pipeline development and execution
· Enables new opportunistic value creation
· Anticipate 3 clinical programs by year end
TORONTO, June 16, 2020 - Portage Biotech Inc. (CSE: PBT.U) (OTC Markets: PTGEF) is very pleased to announce that, further to its news release dated May 25, 2020, it has closed a non-brokered private placement (the "Offering") for gross proceeds of US$6,788,600 through the issuance of 678,860 common shares (the "Common Shares") at a price of US$10.00 per Common Share.
Two of the Company's directors, Dr. Gregory Bailey and Mr. James Mellon, provided standby commitments in respect of the Offering by subscribing for an aggregate of 200,000 Common Shares (US$2,000,000). The issuance of the Common Shares to Messrs. Bailey and Mellon are considered related party transactions within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on appropriate exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of their purchases.