REG - Hellenic Dynamics - Settlement of Fees and Issue of Equity

Hellenic DynamicsAnnouncement

15/07/2024 07:00

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RNS Number : 3142W  Hellenic Dynamics PLC  15 July 2024

15 July 2024

 

Hellenic Dynamics plc

 

("Hellenic Dynamics" or the "Company")

 

 

Settlement of Fees and Issue of Equity

 

 

London, 15 July 2024: Further to the Company's announcement dated 26 October
2023, Hellenic Dynamics Plc (LSE: HELD), a medical cannabis cultivator with a
dedicated focus on producing tetrahydrocannabinol ("THC") dominant strains of
medical cannabis flowers for the fast growing global medical cannabis markets,
announces that RiverFort Global Opportunities PCC Ltd ("Riverfort") has
elected to subscribe for ordinary shares of 0.1 pence each in Hellenic
Dynamics ("Ordinary Shares") in order to discharge part of an outstanding loan
and accrued interest, which was issued pursuant to the mezzanine loan
announced 26 October 2023, and to settle a legal fee.

 

The loan and accrued interest of £39,600 will be settled via the issue of
4,000,000 new Ordinary Shares, based on the terms of the agreement between
Hellenic and Riverfort and the legal fee of £3,600 will be settled via the
issue of 363,636 new Ordinary Shares on the same terms (together the "New
Ordinary Shares"). Noting the announcement made on 16 May 2024, any further
payments due to RiverFort, pursuant to the amended mezzanine loan agreement,
will be deferred until the earlier of 30 September 2024, or receipt of the
long term loan announced on 22 April 2024, now expected to be received in July
2024.

 

Admission and Total Voting Rights

 

Applications have been made to the Financial Conduct Authority ("FCA") and the
London Stock Exchange Group Plc ("LSE") for the admission to the Official List
of the FCA and to trading on the Main Market of the LSE respectively, of the
4,363,636 New Ordinary Shares in respect of the settlement. It is expected
that the New Ordinary Shares will be admitted to trading and dealings will
commence on the LSE on or around 16 July 2024 ("Admission"). The New Ordinary
Shares will rank pari passu in all respects with the Company's existing
ordinary shares of 0.1 pence each, currently traded on the Main Market of the
London Stock Exchange.

 

Following Admission, the Company's issued share capital will comprise
146,907,454 ordinary shares of 0.1 pence each. The figure 146,907,454 will
represent the total voting rights in the Company and may be used by
shareholders as the denominator for the calculation by which they can
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 and Transparency Rules.

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

 

The Directors of the Company take responsibility for this announcement.

 

Enquires:

 

 Hellenic Dynamics plc               +44 (0)20 3818 7850
 Davinder Rai                        davinder@hellenicdynamics.com

 Cairn Financial Advisers LLP        +44 (0)20 7213 0880
 Emily Staples / Jo Turner

 Peterhouse Capital                  +44 (0)20 7469 0930
 Lucy Williams / Charles Goodfellow

 

About Hellenic Dynamics plc

 
Founded in 2019, Hellenic Dynamics is specifically focused on the cultivation
and supply of THC ("tetrahy-drocannabinol") - dominant strains of medical
cannabis flowers, destined for the growing global medical can-nabis markets.
Hellenic Dynamics' core strategy is to develop and operate its 40,000 square
metre active culti-vation licence from its 195,506 square metre facility
located near Thessaloniki in Northern Greece. In full production, Hellenic
Dynamics is capable of producing over 54,000 kg of dried flowers per annum.

 

Hellenic Dynamics will take advantage of its relatively low cost base
resulting from a comparatively low cost of power, having its own running water
supply and the labour rates for skilled and semi-skilled labour in Northern
Greece.

 

29 European countries now allow medical cannabis via prescription and the
European cannabis market is ex-pected to reach $7.25 billion per annum by
2029. Sales of Hellenic Dynamics' dried THC-dominant cannabis flowers and
extracts are initially intended for export into Europe, in addition to other
international markets and domestically in Greece.

 

As the first medical cannabis cultivator to obtain a listing on the main
market for listed securities of the Lon-don Stock Exchange, Hellenic Dynamics
is significantly different to the number of CBD (Cannabidiol) related
companies that have appeared over the recent years. Hellenic Dynamics
cultivates THC-dominant medical cannabis flowers. THC-dominant medical
cannabis products are only available via a medical prescription. Medicinal
cannabis has been approved for use both in the United Kingdom and Germany,
plus 24 other Euro-pean countries, for conditions including but not limited to
chronic pain, intractable chemotherapy-related nau-sea, anxiety, insomnia,
Tourette's syndrome, substance use disorder, multiple sclerosis, IBS, spinal
cord treat-ment, lack of appetite due to HIV/AIDS, cachexia, anorexia and
glaucoma.

 

For further information please visit our website www.hellenicdynamics.com

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envis-age'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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