REG - Kanabo Group PLC - Update: Amendments to Acquisition Agreement

KanaboAnnouncement

16/05/2023 15:00

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RNS Number : 6157Z  Kanabo Group PLC  16 May 2023

16 May 2023

Kanabo Group Plc

("Kanabo" or the "Company")

 

Update: Amendments to The GP Service Limited Acquisition Agreement

 

Further to announcement made earlier today, the Company would like to make the
following clarifications.

 

·    As announced on 21 February 2022, as part-consideration for the
acquisition of The GP Service Limited, Kanabo was due to issue 12,574,931 new
Ordinary Shares to MEIF WM Debt LP ("MEIF") on or around 22 August 2023, at an
issue price of 12.65p per share.

·    Following the successful completion of the £2.74 million fundraise
by the Company earlier this month, and with the consent of MEIF, the Company
believes that it was beneficial for all stakeholders that the issuance date of
these consideration shares should be extended to 31 December 2024.

·    All other terms of the original February 2022 agreement, aside from
this extension date, remain the same, including the number of shares to be
issued, 12,574,931 and the issue price of 12.65p.

 

The Board of Kanabo gratefully acknowledges the de-facto commitment to the
Company's long-term future being made by MEIF in consenting to this extension
and considers that this removes any form of short-term share 'overhang' that
the market may have believed existed with the original proposed August 2023
issuance date.

 

Alongside the successful closing of the recent fundraising and the appointment
of Ian Mattioli as Non-Executive Chair, this is a further positive development
which shows the strong belief stakeholders of the Company have in the future
of Kanabo Group Plc.

 

 

For further information, please contact:

 

 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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