REG - Kanabo Group PLC - Oversubscribed Placing to Raise £2.25m

KanaboAnnouncement

21/02/2022 17:15

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RNS Number : 3345C  Kanabo Group PLC  21 February 2022

 

Kanabo Group plc

 

 ("Kanabo" or the "Company")

 

Oversubscribed Placing to Raise £2.25m

 

Issue of Warrants

 

Kanabo Group Plc (LSE:KNB) the pan-European medical cannabis company that
focuses on developing and commercialising cannabis-derived products for
medical patients and wellness CBD consumers, is pleased to announce that
is has successfully completed a £2.25 million fundraising (the "Fundraise")
via the company's broker, Peterhouse Capital Limited.

 

Avihu Tamir, CEO of Kanabo Group plc, commented; "We are pleased to report
strong investor support for the Company from both existing and new investors.
The Company has a well-developed plan to deploy the proceeds from the placing
to accelerate its stated strategy to become one of Europe's leading 'product
to patient' medical providers for millions of people who suffer from a range
of conditions including chronic pain, anxiety and central nervous system
diseases as well as looking after their general health and wellbeing."

 

Details of the Placing

The fundraise was oversubscribed and completed by way of a placing of
28,125,000 new ordinary shares of 2.5 pence each in the Company ("Placing
Shares") at a price of 8p per share. The Placing Shares being issued will
represent approximately c.7% of the Company's enlarged Ordinary Share capital
following the Placing by Peterhouse Capital.

 

Each Placing Share issued pursuant to the Fundraise has half a warrant
attached granting the holder the right to subscribe for an additional half a
new ordinary share at an exercise price of 16 pence for a period of 18 months
following Admission ("New Ordinary Share"). Further to this, each Placing
Share issued pursuant to the Fundraise also has half a warrant attached
granting the holder the right to subscribe for an additional half a New
Ordinary Share at an exercise price of 24 pence for a period of 24 months
following Admission, subject to the publication of a prospectus by the
Company.

 

When issued, the Placing Shares and New Ordinary Shares will be credited as
fully paid and will rank pari passu in all respects with the existing
Ordinary Shares in the share capital of the Company, including the right to
receive all dividends and other distributions declared, made, or paid on or in
respect of such shares after the date of issue of the Placing Shares.

 

Application will be made to the Financial Conduct Authority for admission of
the Placing Shares to the standard listing segment of the Official List and to
the London Stock Exchange (the "LSE") for admission to trading of the Placing
Shares on the LSE's Main Market for listed securities (together "Admission").
It is expected that Admission will take place at 8.00 a.m. on or around 25
February 2022 and that dealings in the Placing Shares on the LSE's Main Market
for listed securities will commence at the same time.

 

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules, Kanabo Group Plc announces that the Company has
401,322,778 ordinary shares of 2.5p each in issue ("Ordinary Shares"), each
share carrying the right to one vote. The figure of 401,322,778 should 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 to their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

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

 

For further information, please visit http://www.kanabogroup.com/ or contact
the following:

 

 Kanabo Group Plc
 Avihu Tamir, CEO                               Via Vox Markets
 Peterhouse Capital Ltd (Financial Adviser)     Tel: +44 (0)20 7469 0930
 Eran Zucker / Lauren Riley
 Peterhouse Capital Limited (Corporate Broker)  Tel: +44 (0)20 7469 0930
 Lucy Williams / Charles Goodfellow / Duncan Vasey / Martin Lampshire
 Vox Markets (Investor Relations)               KanaboGroup@voxmarkets.co.uk
 Kat Perez                                      kperez@voxmarkets.co.uk

 

 

About Kanabo Group Plc

Kanabo Group Plc is creating a new standard in the medical cannabis industry
to improve the well-being of millions of people around the world by providing
a better alternative to the smoking of medicinal cannabis flowers. Kanabo,
which was the first medicinal cannabis company to IPO on London Stock
Exchange, has a focus on the distribution of cannabis-derived products for
medical patients and non-THC products for CBD consumers. It has conducted
extensive Research & Development to produce high-quality cannabis extract
formulas, innovative medical-grade vaporizers, and various non-smoking
consumption solutions. Kanabo sells a range of medical cannabis products and
wellness CBD products in the Primary Markets, including its VapePod, which
delivers a metered dose with every inhalation.

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