REG - Chill Brands Group - Result of General Meeting

Chill BrandsAnnouncement

12/05/2022 10:30

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RNS Number : 2687L  Chill Brands Group PLC  12 May 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR"), AS AMENDED BY REGULATION 11
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

12 May 2022

Chill Brands Group plc

("Chill Brands" or the "Company")

Result of General Meeting

Issue of Equity & Total Voting Rights

 

(London, UK, 12 May 2022) Chill Brands, the international consumer packaged
goods company, is pleased to announce that at the General Meeting held earlier
today, all resolutions were passed.

As a result, the fundraising announced on 26 April 2022 to raise £3.5m will
proceed.  The detailed results of General Meeting will be published on the
Company's website.

Admission and Total Voting Rights

29,166,699 new ordinary shares of 1 pence each ("Ordinary Shares") will be
issued at a price of 2 pence per Ordinary Share, for a total amount of
£583,334 (the "New Shares"). The New Shares will be issued and be admitted to
trading on the Main Market of the London Stock Exchange and to listing in the
Standard Segment of the Financial Conduct Authority ("FCA") Official List,
with effect from 13 May 2022 ("Admission").

On Admission, the Company will have 241,336,733 Ordinary Shares in issue, each
with one voting right.  There are no shares held in treasury.  Therefore,
the Company's total number of Ordinary Shares and voting rights will be
241,336,733 and this figure may be used by shareholders from Admission 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 FCA's Disclosure Guidance and Transparency Rules.  As
announced on 21 April 2022, the Company anticipates a further 500,000 Ordinary
Shares will be admitted to trading on the Main Market of the London Stock
Exchange and to listing in the Standard Segment of the FCA Official List on or
around 19 May 2022, at which point the Company will have total voting rights
of 241,836,733 Ordinary Shares.

Issue of Loan Notes and Proposed Open Offer

In addition to the New Shares, the Company will also now issue the convertible
loan notes with an aggregate value of £2,916,669.90 (the "Loan Notes"), as
set out in the announcement of 26 April 2022.

The Company will also now proceed with the proposed open offer that was
announced on 9 May 2022 (the "Open Offer").  It is expected that
documentation relating to the Open Offer will be published and posted to
shareholders before the end of the month.  A further announcement will be
made at the time.

The Company will also now proceed with the preparation of a prospectus, as set
out in the announcement of 26 April 2022, which will now also include elements
relating to the Open Offer.

Callum Sommerton, Chief Executive Officer, said: "We would like to thank our
shareholders for their support of the Company in passing the resolutions
proposed at our General Meeting earlier today. Amidst difficult market
conditions and turbulence for some competitors, Chill Brands is now well
capitalised for growth. From cutting costs to refining our model, there is a
great deal of hard work ahead of us and we look forward to providing further
operational updates in due course."

-ENDS-

About Chill Brands Group

Chill Brands Group plc (LSE: CHLL, OTCQB: CHBRF) is an international company
focused on the development, production, and distribution of best-in-class
hemp-derived CBD products, tobacco alternatives and other consumer packaged
goods (CPG) products. The Company operates primarily in the US, where its
products are distributed online and via some of the nation's most recognizable
convenience retail outlets. The Group's strategy is anchored around lifestyle
marketing that is designed to enhance the popularity of its products,
channelling visitors to its landmark chill.com website.

Publication on website

A copy of this announcement is also available on the Company's website at
(http://www.chillbrandsgroup.com/) http://www.chillbrandsgroup.com
(http://www.chillbrandsgroup.com/)

Media enquiries:

 Chill Brands Group plc                                  contact@chillbrandsgroup.com
 Allenby Capital Limited (Financial Adviser and Broker)  +44 (0) 20 3328 5656
 Nick Harriss/Nick Naylor (Corporate Finance)

Kelly Gardiner (Equity Sales)

 

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