Last checked at 23 May 2023 11:00
23 May 2023
Kanabo Group plc
("Kanabo", the "Company")
Issuance of New Ordinary Shares to Advisers and Service Providers
Kanabo Group plc (LSE: KNB), the patient focused healthcare technology and medicinal cannabis company, announces the issuance of 1,080,247 new ordinary shares to advisers and service providers. Further details can be found below.
Asserson Shares
Asserson Law Offices ("Asserson") will be issued with 743,055 new ordinary shares ("Asserson Shares") at a price of 6.06 pence per share. These shares will be issued as payment for outstanding invoices.
4LLC Shares
The 4th Consulting LLC ("4LLC") will receive 5,000,000 shares at a price of 3.01 pence as part of a settlement agreement entered between Kanabo, Luca Longobardi, and 4LLC ("4LLC Settlement Agreement"). The shares will be issued for the provision of brokerage services in relation to the acquisition of The GP Service ("GPS"). 4LLC will receive their shares in two tranches, with 3,000,000 shares ("First Tranche") to be received immediately and the remaining 2,000,000 shares ("Second Tranche") to be received within the next three months.
Of the First Tranche, 337,192 new ordinary shares ("4LLC Shares") will be issued by the Company immediately. The remaining 2,662,808 ordinary shares of the First Tranche will be transferred from the shares previously held by Atul Devani, Co-founder of GPS. As announced in September 2022, Mr Devani signed a compromise agreement on leaving the Company under which he returned 25% of the shares received as consideration for the acquisition of GPS. As such, in settlement of the First Tranche the Company will be issuing 337,192 new ordinary shares only.
In relation to the Second Tranche, the Company will make an announcement in due course.
The 5,000,000 shares are all subject to a simple orderly market agreement. Thereby, recipients of the shares will inform Kanabo or their broker of their intention to dispose of any shares, giving the Company or their broker the opportunity via its broker to place the shares. In the event it is not possible for Kanabo or their broker to place the shares, the seller can dispose of the shares.
Admission to trading
Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on the Standard List of the London Stock Exchange ("Admission"). Admission is expected to occur at 8.00 a.m. on or around 26 May 2023. The shares will rank pari passu with the Company's existing Ordinary Shares.
Total voting rights
Following Admission, the Company's enlarged issued share capital will be 500,385,193 Ordinary Shares. This figure of 500,385,193 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
Kanabo Group plc Avihu Tamir, Chief Executive Officer Assaf Vardimon, Chief Financial Officer Ian Mattioli, Non-Executive Chair of the Board
| via Vigo Consulting +44 (0)20 7390 0230 |
Peterhouse Capital Ltd (Financial Adviser and Broker) Eran Zucker / Lucy Williams / Charles Goodfellow | +44 (0)20 7469 0930 |
Vigo Consulting (Financial Public Relations/Investor Relations) Jeremy Garcia / Fiona Hetherington / Verity Snow kanabo@vigoconsulting.com | +44 (0)20 7390 0230
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About Kanabo Group Plc
Kanabo Group Plc (LSE:KNB) is a healthtech company committed to revolutionising patient care through its innovative technology platform and disruptive product offerings. Since its inception in 2017, Kanabo has been focused on researching, developing, and commercialising regulated medicinal cannabis-derived formulations and therapeutic inhalation devices.
Kanabo's NHS-approved online telehealth platform, The GP Service, provides patients with video consultations, online prescriptions, and primary care services. The Company is a leader in its field, focusing on improving patient outcomes and providing more accessible healthcare experiences.
In March 2023, Kanabo successfully launched its Pain Clinic, Treat It, under the expert guidance of its technological and product expertise. Treat It initially focuses on chronic pain management using plant-based medicine and treatments that are currently unavailable through traditional channels.
At Kanabo Group Plc, we are dedicated to providing patients with the highest quality medical treatments and more accessible healthcare experiences.
Visit www.kanabogroup.com for more information.