Under the SPP, eligible shareholders can subscribe for up to $15,000 worth of shares priced at 50 cents.
The SPP offer is expected to close on Friday, 26 April 2019 after it opened 9 April 2019.
In a letter to shareholders on 9 April, THC’s chairman Steven Xu said: “The funds raised from the Share Purchase Plan will be applied to progress the company’s Australian medicinal cannabis activities as it transitions into full-scale production as final licences and permits are received in the near term, as well as general working capital.”
The company also released its April 2019 briefing note earlier this month, which it distributed to shareholders yesterday.
The briefing note highlighted the near term outlook for the company which included the receipt of final Australian cannabis licenses and permits enabling two manufacturing facilities and cultivation sites.
At its manufacturing facility, it is working towards first validation production, which aims to lead to high-value profitable production of up to 120,000 kilograms of oil at full capacity.
Furthermore, in the April briefing note, THC listed signing key offtake agreements for products and securing cannabis supply through domestic production in its near term outlook.