Total
0
Shares
Cann Group (ASX:CAN) completes issue of 8M convertible notes
  • Cann Group (CAN) has successfully completed the issue of convertible notes to raise just under $8 million
  • A total of 8 million shares were issued to six sophisticated and professional investors at the price of $1 per share
  • Of this, Cann expects to receive net funds of $7.56 million
  • The money raised is expected to be settled on February 10 and will be used for working capital requirements
  • Cann's share price is down 6.11 per cent and trading shares for $1.23 apiece

Cann Group (CAN) has successfully completed the issue of convertible notes to raise just under $8 million.

Proceeds of the offer are expected to be settled on February 10 and will be used for working capital requirements.

A total of 8 million shares were issued to six sophisticated, professional and other investors at the price of $1 per share.

Of this, Cann expects to receive net funds of $7.56 million, before costs.

However, the convertible notes will not be quoted or tradable on the ASX but are fully paid, unsecured and convertible on or before February 10 at the issue of $0.70 per share.

PAC Partners and E&P Corporate Advisory have been appointed as Joint Lead Managers to the offer.

"It is very pleasing to have strong investor support as we progress discussions with a Tier 1 Australian bank on a loan facility and finalise details of the funding package for the stage commissioning of our Mildura production facility," CEO Peter Crock said.

"Our revised business plan will focus on producing value-added medicinal cannabis products for the domestic Australian market while export opportunities continue to be developed," he added.

The issue of the convertible notes will increase the cash reserves of the company by $7.56 million as well as the number of shares on issue.

Cann's share price is currently down 6.11 per cent with shares trading for $1.23 apiece at 12:35 pm AEDT.


Subscribe


CAN by the numbers
More From The Market Herald
Proteomics International (ASX:PIQ) - Managing Director, Dr Richard Lipscombe - The Market Herald

" Proteomics International (ASX:PIQ) receives COVID-19 research grants

Predictive diagnostics researcher Proteomics International (PIQ) has received $200,000 in COVID-19-related research grants from the Western Australian government.
Resonance Health (ASX:RHT) - Chairman, Dr Martin Blake - The Market Herald

" Resonance Health (ASX:RHT) files provisional patent to treat liver diseases

Resonance Health (RHT) has applied for a provisional patent for novel Antisense Oligonucleotides (ASOs) in treating liver-related disease,
Medical Developments International (ASX:MVP) - Chairman, David Williams - The Market Herald

" Medical Developments International (ASX:MVP) receives Penthrox approval in Hungary

Medical solutions company Medical Developments International (MVP) is now allowed to sell its pain relief medication, Penthrox, in Hungary.
Exopharm (ASX:EX1) reveals promising Plexaris anti-cancer results

" Exopharm (ASX:EX1) reveals promising Plexaris anti-cancer results

Regenerative medicine specialist Exopharm (EX1) has revealed some promising results from in vitro testing of a new type of anti-cancer treatment.