REG - Kanabo Group PLC - Issuance of New Ordinary Shares

KanaboAnnouncement

23/05/2023 11:00

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RNS Number : 3645A  Kanabo Group PLC  23 May 2023

 

23 May 2023

Kanabo Group plc

("Kanabo", the "Company")

 

Issuance of New Ordinary Shares to Advisers and Service Providers

 

Kanabo Group plc (LSE: KNB), the patient focused healthcare technology and
medicinal cannabis company, announces the issuance of 1,080,247 new ordinary
shares to advisers and service providers. Further details can be found below.

Asserson Shares

Asserson Law Offices ("Asserson") will be issued with 743,055 new ordinary
shares ("Asserson Shares") at a price of 6.06 pence per share. These shares
will be issued as payment for outstanding invoices.

4LLC Shares

The 4th Consulting LLC ("4LLC") will receive 5,000,000 shares at a price of
3.01 pence as part of a settlement agreement entered between Kanabo, Luca
Longobardi, and 4LLC ("4LLC Settlement Agreement"). The shares will be issued
for the provision of brokerage services in relation to the acquisition of The
GP Service ("GPS"). 4LLC will receive their shares in two tranches, with
3,000,000 shares ("First Tranche") to be received immediately and the
remaining 2,000,000 shares ("Second Tranche") to be received within the next
three months.

Of the First Tranche, 337,192 new ordinary shares ("4LLC Shares") will be
issued by the Company immediately. The remaining 2,662,808 ordinary shares of
the First Tranche will be transferred from the shares previously held by Atul
Devani, Co-founder of GPS. As announced in September 2022, Mr Devani signed a
compromise agreement on leaving the Company under which he returned 25% of the
shares received as consideration for the acquisition of GPS. As such, in
settlement of the First Tranche the Company will be issuing 337,192 new
ordinary shares only.

In relation to the Second Tranche, the Company will make an announcement in
due course.

The 5,000,000 shares are all subject to a simple orderly market agreement.
Thereby, recipients of the shares will inform Kanabo or their broker of their
intention to dispose of any shares, giving the Company or their broker the
opportunity via its broker to place the shares. In the event it is not
possible for Kanabo or their broker to place the shares, the seller can
dispose of the shares.

Admission to trading

Application has been made to the London Stock Exchange for the new ordinary
shares to be admitted to trading on the Standard List of the London Stock
Exchange ("Admission"). Admission is expected to occur at 8.00 a.m. on or
around 26 May 2023. The shares will rank pari passu with the Company's
existing Ordinary Shares.

Total voting rights

Following Admission, the Company's enlarged issued share capital will be
500,385,193 Ordinary Shares. This figure of 500,385,193 Ordinary Shares may 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 in their interest in, the share capital of the Company under the
FCA's Disclosure Guidance and Transparency Rules.

 

Enquiries:

 

 Kanabo Group plc                                                  via Vigo Consulting

 Avihu Tamir, Chief Executive Officer                              +44 (0)20 7390 0230

 Assaf Vardimon, Chief Financial Officer

 Ian Mattioli, Non-Executive Chair of the Board

 Peterhouse Capital Ltd (Financial Adviser and Broker)             +44 (0)20 7469 0930

 Eran Zucker / Lucy Williams / Charles Goodfellow

 Vigo Consulting (Financial Public Relations/Investor Relations)    +44 (0)20 7390 0230

 Jeremy Garcia / Fiona Hetherington / Verity Snow

 kanabo@vigoconsulting.com

 

About Kanabo Group Plc

Kanabo Group Plc (LSE:KNB) is a healthtech company committed to
revolutionising patient care through its innovative technology platform and
disruptive product offerings. Since its inception in 2017, Kanabo has been
focused on researching, developing, and commercialising regulated medicinal
cannabis-derived formulations and therapeutic inhalation devices.

 

Kanabo's NHS-approved online telehealth platform, The GP Service, provides
patients with video consultations, online prescriptions, and primary care
services. The Company is a leader in its field, focusing on improving patient
outcomes and providing more accessible healthcare experiences.

 

In March 2023, Kanabo successfully launched its Pain Clinic, Treat It, under
the expert guidance of its technological and product expertise. Treat It
initially focuses on chronic pain management using plant-based medicine and
treatments that are currently unavailable through traditional channels.

 

At Kanabo Group Plc, we are dedicated to providing patients with the highest
quality medical treatments and more accessible healthcare experiences.

 

Visit www.kanabogroup.com (http://www.kanabogroup.com/)  for more
information.

 

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