Spinnaker Opports - Subscription and Update on Medicinal Cannabis RTO
("Spinnaker" or the "Company")
Subscription and Update on Medicinal Cannabis RTO
Further to the announcement made on 10 February, Spinnaker has agreed to advance a further loan tranche of
The loan tranche is being funded by way of a subscription for loan notes in the amount of
Commenting on the developments,
"We are pleased to be in a position to continue to support Kanabo in the development of the business that we expect to bring to market shortly. It is particularly pleasing to see the willingness of investors to assist and support the business in this important period. We continue to work to deliver this acquisition to shareholders as soon as possible and will keep you updated on our progress."
"We are delighted to have received this additional financial support from Spinnaker as we work towards publishing a prospectus. Kanabo is well positioned to be a first mover in the European medical cannabis market and we look forward to taking full advantage of this upon completion of the transaction."
Kanabo Business Update
Kanabo is a R&D company based in
The loan notes will convert into 2,500,000 shares ("Subscription Shares") at a conversion price of 5p per share on the date on which the Company's shares are re-admitted to trading and the investors shall be entitled to receive one warrant for every two Subscription Shares issued ("Warrants"). The Warrants will be issued at a strike price of 5p and with validity of 3 years from the date of re-admission.
The terms of the additional loan tranche are based on those of the Loan Facility Agreement originally set out in the announcement of
The full terms of the Proposed Acquisition are to be set out in a prospectus, expected to be published in due course.
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 3224
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Kanabo is an
Kanabo is currently undertaking a pilot sales scheme to measure key performance indicators in relation to the sale of its range of THC-free CBD products. It is ready to scale up to meet market demands and projected sales and revenues and to grow the Kanabo brand through its marketing initiatives.
Kanabo's future long-term strategy involves continued research and development activities to develop a range of Unlicensed Medical Cannabis Oils, which will be sold alongside its vaporisation device, the VapePod Medical. It is intended that medicinal products will be sold as unlicensed medicines in the
This information is provided by RNS, the news service of the
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