Spinnaker Opports - Conditional Fundraise and Update on RTO
("Spinnaker" or the "Company")
and Update on Proposed Medicinal Cannabis RTO
Further to the announcement on
The review and approval process of the Prospectus (the "Prospectus") for the Proposed Acquisition is currently in progress. The Investment Commitment will be made on the terms and conditions summarised below. These will also be set out in the Prospectus.
"We are delighted by the Investment Commitment that we have received for this ground-breaking acquisition, even ahead of any formal marketing process. We continue to work to deliver this acquisition to shareholders as soon as possible."
"It is hugely exciting that the acquisition by Spinnaker is progressing apace. The
"We believe that Spinnaker's public listing, combined with Kanabo's medical-grade vaporiser, research licences and patents and prospective equity interests in cultivation and production facilities, mean that the enlarged company will be well placed to take advantage of the burgeoning European medical cannabis market."
Investment Commitment - Principal Terms
Under the terms of the Investment Commitment the investor undertakes to participate, at the placing price, in a fund-raising to be conducted in conjunction with the Proposed Acquisition up to an investment amount representing a maximum of 4.99 per cent of the enlarged issued share capital immediately following completion of the Proposed Acquisition.
Any remaining balance of the
In consideration of the Investment Commitment, which substantially underpins the minimum fund-raising required for the to-be enlarged company, the Company will pay a fee of 10 per cent of that part of the Investment Commitment that is taken up at completion.
For further information, please visit http://www.spinnakeropportunities.uk/ or contact the following:
Tel: +44 (0)20 7469 0930
Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3553
Notes to Editors
Kanabo develops, medically validates and patents formulas of medicinal cannabis as well as over-the-counter products. The company holds three licenses for cannabis research, two patents on its formulations, and has already conducted selected pre-clinical trials.
Kanabo also holds distribution rights for a pharmaceutical-grade vaporizer, which it has further developed to include metered dosage. This innovation enabled it to become the first medically approved vaporizer in the world. Kanabo has exclusive distribution rights to the vaporizer in
Kanabo's supply chain includes prospective equity interests in several international cultivation and production facilities. Kanabo aims to bring operational expertise and management to these partners to ensure both steady biomass offtake and high-quality production of finished products.
This information is provided by RNS, the news service of the
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