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AFRI - Afriag Global News Story

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Sector
Industrials
Size
Micro Cap
Market Cap £1.43m
Enterprise Value £191k
Revenue £n/a
Position in Universe 1770th / 1814

AfriAg Global Plc: First Investment of £300,000 into Apollon

Wed 5th June, 2019 7:00am
5 June 2019

AfriAg Global PLC

(‘AfriAg’ or the ‘Company’)

Investee company, Apollon to open its first Licensed Retail (Therapeutic)
Medical Cannabis Dispensary and State-of-the-Art Processing Facility in
Negril, Jamaica this month.

Highlights
*
AfriAg Global Plc undertakes first £300,000 official investment in Apollon
Formularies, Ltd., representing 0.71% of Apollon’s share capital, which has
a significant interest in one of Jamaica’s leading Federally Licenced
medical cannabis companies, Apollon Formularies Jamaica, Ltd (“Apollon”).
*
Apollon plans to open its first revenue generating federally licenced Retail
(Therapeutic) Medical Cannabis Dispensary and State-of-the-Art Processing
Facilityby month end, which will be the only such dispensary and Processing
Facility in Negril, Jamaica.

AfriAg Global PLC, a company whose shares are admitted to trading on
London’s NEX Exchange and one of the few companies listed in London and
Europe authorised to invest in the legal medical cannabis sector, is pleased
to announce it has today undertaken its first £300,000 investment in Apollon
Formularies Ltd as part of a multi-stage investment strategy in Apollon
Formularies Ltd.

The full terms of this multi-stage Apollon Formularies Ltd investment plan
have been previously announced to the market in May, 2019.

David Lenigas, AfriAg’s Chairman, commented:

“AfriAg has contractually agreed to invest £1m into Apollon Formularies Ltd
in two tranches to earn up to 2.34 per cent. of Apollon. Today’s
announcement sees the investment of tranche 1, with tranche 2 being made
subject to shareholder approval expected at a general meeting of AfriAg
shareholders planned for 19 June 2019. AfriAg and Apollon Formularies Ltd are
totally focused on opening Apollon’s federally licensed operations in
Jamaica this month,  which is to include its first revenue generating Retail
(Therapeutic) Medical Cannabis Dispensary  and a State-of-the-Art Processing
Facility These facilities are both located in the Negril, Jamaica, area,
making it now both an idyllic destination for tourists and persons seeking
medical cannabis treatment”

Apollon is a Federally Licensed vertically integrated medical cannabis company
operating in Jamaica. Its Retail (Therapeutic) Medical Cannabis Dispensary
will be located at Doc’s Place wellness center at 42 One Love Drive in
Negril, Jamaica, which is owned and operated by Doc’s Place International,
Inc., an entity that Apollon Formularies Ltd has the right to acquire. Apollon
offers a full suite of medical cannabis pharmaceutical products developed in
its cultivation, processing and manufacturing facilities. Doc’s Place
offers  an all-inclusive, wellness resort that through its affiliation with
Apollon is able to accommodate medical cannabis care and treatment involving
Licensed Medical Doctors and other healthcare professionals.

This investment marks completion of the first of what is planned to be a two
stage investment process, prior to offering a full share-based offer for all
outstanding shares in Apollon, as previously announced on the 16(th), 24(th)
and 29(th) May 2019.

Apollon Formularies Ltd will use these funds to advance the corporate and
operational objectives, including  the openning of Apollon’s fully licensed
Retail (Therapeutic) Medical Cannabis Dispensary and Processing Facility. . 

Notice Regarding Forward-Looking Statements

This announcement includes "forward-looking statements" involving the Company,
the other entities referenced in this announcement, and the respective
subsidiaries, affiliates and associates of the Company and such other entities
(collective, the “Involved Entities”), which include all statements other
than statements of historical facts, including, without limitation, those
regarding the financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by, followed by
or that include forward-looking terminology such as the words "targets",
"believes", "estimates", "expects", "aims", "intends", "will", "can", "may",
"anticipates", "would", "should", "could" or similar expressions or the
negative thereof. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors beyond the control of the
Involved Entities that could cause the actual results, performance or
achievements of the Involved Entities to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding the present and future business strategies of
the Involved Entities and the environment in which the Involved Entities will
operate in the future. These forward-looking statements speak only as of the
date of this announcement. The Company, on behalf of itself and each of the
Involved Entities, expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements
contained in this announcement to reflect any change in expectations of any
Involved Entities with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking statement.

The directors of the Company accept responsibility for the contents of this
announcement.

-ENDS-

For further information on AfriAg Global please visit the www.afriagglobal.com
or please contact;

AfriAg Global
Plc:                                    
                            

David Lenigas (Executive
Chairman)                                             
+44 (0)20 7440 0640

Peterhouse Capital
Limited                                
                         +44 (0)20 7469 0930

Guy Miller/Fungai Ndoro



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