REG - Seed Innovations Ltd - Investee Company Update: Little Green Pharma

Seed InnovationsAnnouncement

02/11/2022 13:30

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RNS Number : 1090F  Seed Innovations Limited  02 November 2022

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

 

2 November 2022

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd Fundraise

SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and
industry-leading businesses with a focus on the medical cannabis, health, and
wellness space, is pleased to note an announcement released on the ASX by its
portfolio company, Little Green Pharma Ltd ("LGP").

Little Green Pharma Ltd has announced that it has secured firm commitments for
a AUD $4 million placement (the "Placement") from new and existing
institutional and sophisticated investors as well as commitments for a further
AUD $200,000 from LGP's Board and Executive. In addition, LGP has launched a
Share Purchase Plan offer for eligible existing shareholders.

Highlights:

·    LGP has received firm commitments for a AUD 4 million placement and
launched a AUD 2 million Share Purchase Plan ("SPP") for eligible shareholders

·    Placement demonstrates strong support from new and existing
institutional and sophisticated investors

·    Placement and SPP offer at AUD 0.20 per ordinary share with
free-attaching 1 for 1 option exercisable at AUD 0.25

·    LGP will use the funds for operational expenses and accelerating
European and Australian sales

·    LGP is now wholly focused on achieving break-even and ultimately
delivering profitable sales, including by delivering into new and existing
European supply agreements and driving increased sales in Australia

SEED have not participated in the Placement. The Company owns 7,324,796
ordinary shares in LGP representing 3.04% of LGP's issued share capital prior
to the Placement.

Ed McDermott, CEO at SEED, commented:

"Whilst we are disappointed to see a discounted capital raise at this time, we
still feel that LGP is a best-in-class investment in the medical cannabis
industry and we are pleased to see it recently reporting ever growing patient
numbers, sales and new market entries. With further funds now in place to
support this growth, LGP can focus on its aim to achieve break-even while
continuing on expanding its Australian and European sales channels."

 

The announcement including the material terms of the Placement can be viewed
in full on LGP's website via the following
link: https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements
(https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements)

 

- Ends -

 

For further information on the Company please
visit:  www.seedinnovations.com (http://www.seedinnovations.com/)    or
contact:

 

 Ed McDermott       SEED Innovations Ltd         E: info@seedinnovations.co

 Lance de Jersey
 James Biddle       Beaumont Cornish Limited,    T: (0)20 7628 3396

 Roland Cornish     Nomad
 Isabella Pierre    Shard Capital Partners LLP   T: (0)20 7186 9927

 Damon Heath        Broker
 Catherine Leftley  St Brides Partners Ltd,      E: info@stbridespartners.co.uk

 Isabelle Morris    Financial PR

 Max Bennett

 

 

Notes

Seed Innovations Ltd

SEED Innovations is an AIM quoted investment company focused primarily on
disruptive high growth life sciences and technology businesses particularly
within the medical cannabis arena. The Company's strategy is to identify
early-stage opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of investee
companies to a level where relevant time can be devoted to each.

About Little Green Pharma

Little Green Pharma is a global, vertically integrated and geographically
diverse medicinal cannabis business with operations from cultivation and
production through to manufacturing and distribution. The Company has two
global production sites for the manufacture of its own-branded and white-label
ranges of GMP-grade medicinal cannabis products, being a 21,500m2 cultivation
and 4,000m2 GMP manufacturing facility capable of producing over 20 tonnes of
medicinal cannabis biomass per annum located in Denmark (EU) and an indoor
cultivation and manufacturing facility located in Western Australia capable of
producing ~3 tonnes of medicinal cannabis biomass per annum. Little Green
Pharma products comply with all required Danish Medicines Agency and
Therapeutic Goods Administration regulations and testing requirements. With a
growing range of products containing differing ratios of active ingredients,
Little Green Pharma supplies medical-grade cannabis products to Australian,
European and overseas markets. The Company has a strong focus on patient
access in the emerging global medicinal cannabis market and is actively
engaged in promoting education and outreach programs, as well as participating
in clinical investigations and research projects to develop innovative new
delivery systems. For more information about Little Green Pharma go to:
www.littlegreenpharma.com

 

 

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