Last checked at 21 Feb 2022 17:15
Kanabo Group plc
("Kanabo" or the "Company")
Oversubscribed Placing to Raise £2.25m
Issue of Warrants
Kanabo Group Plc (LSE:KNB) the pan-European medical cannabis company that focuses on developing and commercialising cannabis-derived products for medical patients and wellness CBD consumers, is pleased to announce that is has successfully completed a £2.25 million fundraising (the "Fundraise") via the company's broker, Peterhouse Capital Limited.
Avihu Tamir, CEO of Kanabo Group plc, commented; "We are pleased to report strong investor support for the Company from both existing and new investors. The Company has a well-developed plan to deploy the proceeds from the placing to accelerate its stated strategy to become one of Europe's leading 'product to patient' medical providers for millions of people who suffer from a range of conditions including chronic pain, anxiety and central nervous system diseases as well as looking after their general health and wellbeing."
Details of the Placing
The fundraise was oversubscribed and completed by way of a placing of 28,125,000 new ordinary shares of 2.5 pence each in the Company ("Placing Shares") at a price of 8p per share. The Placing Shares being issued will represent approximately c.7% of the Company's enlarged Ordinary Share capital following the Placing by Peterhouse Capital.
Each Placing Share issued pursuant to the Fundraise has half a warrant attached granting the holder the right to subscribe for an additional half a new ordinary share at an exercise price of 16 pence for a period of 18 months following Admission ("New Ordinary Share"). Further to this, each Placing Share issued pursuant to the Fundraise also has half a warrant attached granting the holder the right to subscribe for an additional half a New Ordinary Share at an exercise price of 24 pence for a period of 24 months following Admission, subject to the publication of a prospectus by the Company.
When issued, the Placing Shares and New Ordinary Shares will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made, or paid on or in respect of such shares after the date of issue of the Placing Shares.
Application will be made to the Financial Conduct Authority for admission of the Placing Shares to the standard listing segment of the Official List and to the London Stock Exchange (the "LSE") for admission to trading of the Placing Shares on the LSE's Main Market for listed securities (together "Admission"). It is expected that Admission will take place at 8.00 a.m. on or around 25 February 2022 and that dealings in the Placing Shares on the LSE's Main Market for listed securities will commence at the same time.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Kanabo Group Plc announces that the Company has 401,322,778 ordinary shares of 2.5p each in issue ("Ordinary Shares"), each share carrying the right to one vote. The figure of 401,322,778 should 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 to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please visit http://www.kanabogroup.com/ or contact the following:
Kanabo Group Plc |
|
Avihu Tamir, CEO | Via Vox Markets |
Peterhouse Capital Ltd (Financial Adviser) | Tel: +44 (0)20 7469 0930 |
Eran Zucker / Lauren Riley |
|
Peterhouse Capital Limited (Corporate Broker) | Tel: +44 (0)20 7469 0930 |
Lucy Williams / Charles Goodfellow / Duncan Vasey / Martin Lampshire | |
Vox Markets (Investor Relations) | KanaboGroup@voxmarkets.co.uk |
Kat Perez | kperez@voxmarkets.co.uk |
About Kanabo Group Plc
Kanabo Group Plc is creating a new standard in the medical cannabis industry to improve the well-being of millions of people around the world by providing a better alternative to the smoking of medicinal cannabis flowers. Kanabo, which was the first medicinal cannabis company to IPO on London Stock Exchange, has a focus on the distribution of cannabis-derived products for medical patients and non-THC products for CBD consumers. It has conducted extensive Research & Development to produce high-quality cannabis extract formulas, innovative medical-grade vaporizers, and various non-smoking consumption solutions. Kanabo sells a range of medical cannabis products and wellness CBD products in the Primary Markets, including its VapePod, which delivers a metered dose with every inhalation.