6 Jun 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 June 2019
Highlands Natural Resources plc
("Highlands" or the "Company")
Subscription and Issue of Shares
Highlands, the London listed natural resources company, is pleased to announce that certain members of the Schrader family have together subscribed for 1,000,000 new ordinary shares in the Company at a price of 10 pence each. The Schrader family are the owners of Schrader Oil Co., which operates the convenience stores that will shortly be stocking Zoetic's retail CBD products. This positive development aligns the retailer with Zoetic, which is targeting its first sales this month.
As part of a separate transaction, Highlands also announces the exercise of 5,000,000 warrants in the Company. The resulting new ordinary shares have been placed with new investors by Turner Pope Investments Ltd. These warrants represent all of those awarded to the management of Zoetic at the time of the formation of that business. The warrants had an expiry date of 30 June 2019.
The gross proceeds receivable by Highlands pursuant to the subscription and warrant exercise are £525,000 and will be applied to accelerate the development of Zoetic.
Application will be made for an additional 6,000,000 ordinary shares in the Company to be admitted to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on 12 June 2019.
Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of 1 pence each in issue, including the right to receive all dividends and other distributions declared, and the total number of ordinary shares in Highlands with voting rights will be 142,483,080. This figure may be used by Highlands shareholders as the denominator for calculations to determine if they have a notifiable interest in Highlands under the Disclosure and Transparency Rules, or if such interest has changed.
**ENDS**
Enquiries
Highlands Natural Resources plc +1 (0) 303 322 1066
Robert Price
Nick Tulloch
Turner Pope Investments Ltd +44 (0) 20 3621 4120
Lewis Jones/Andy Thacker
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Newgate Communications +44 (0) 20 3757 6880
Elisabeth Cowell
Ian Silvera
Fiona Norman