Cannabidiol (CBD) specialist Zoetic International PLC (LON:ZOE) said it has raised £6mln before expenses from existing and new investors that will allow it to terminate a financing agreement and fund its commercial aspirations.
The new shares were issued at 60p each, a modest discount to Friday’s closing share price, and come with a warrant attached (on a one-for-one basis) exercisable over the next three years at 120p.
The proceeds allow Zoetic to end its financing agreement with LDA Capital while continuing the roll-out of its Chill CBD line. It also plans to launch new brands and update its direct-to-consumer website.
In the same announcement, the firm said chief financial officer Paul Ferguson was leaving with immediate effect.