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- Little Green Pharma (LGP) secures firm commitments for a $4 million placement to accelerate its European and Australian sales
- Under the placement, the company will issue shares at 20 cents each, together with a free-attaching unlisted option issued on a one-for-one basis
- The placement also received commitments for a further $200,000 from the company’s board and executive
- It comes in conjunction with a $2 million share purchase plan, which will see eligible shareholders invited to subscribe for up to $30,000 worth of shares
- Little Green Pharma is down 10.4 per cent and trading at 21.5 cents at 2:38 pm AEDT
Little Green Pharma (LGP) has secured firm commitments for a $4 million placement.
Under the placement, the company will issue shares at 20 cents each, together with a free-attaching unlisted option, issued on a one-for-one basis.
The placement price represents a 16.7 per cent discount to the last closing price on October 28, while the options have a 25 cent exercise price and a term of 18 months.
The placement also received commitments for a further $200,000 from the company’s board and executive.
It comes in conjunction with a $2 million share purchase plan for eligible shareholders.
Under the SPP, eligible shareholders will be invited to subscribe for up to $30,000 worth of shares.
LGP Chief Executive Officer Fleta Solomon said the company is pleased by the strong support shown by new and existing institutional and sophisticated investors and the company’s board.
“We are also very pleased to be able to offer our existing shareholders the same opportunity to expand their investment in LGP on attractive terms and look forward to providing shareholders with full details of the SPP in the coming weeks,” she said.
Little Green Pharma will divide funds from both the placement and share purchase plan between operational expenses and accelerating European and Australian sales.
Little Green Pharma was down 10.4 per cent and trading at 21.5 cents at 2:38 pm AEDT.
