SEED Innovations Ltd (AIM:SEED) has hailed an announcement from its portfolio company, Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF), that the investee has raised US$9.7mln (£7.1mln) through subscriptions in its latest financing round.
In its own announcement on Monday, Yooma, in which SEED owns a 5.1% stake, raised the funds through the placing of around 13.5mln shares at a price of C$0.90 (52p) each. Investors have also been granted a half warrant for each placing share with each warrant exercisable at C$1.35 (78p) each.
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Yooma also said it has granted a single strategic investor an option to acquire around 9.56mln shares at the same price, which if exercised will bring the total amount raised to US$16.6mln (£12.1mln) and see the investor granted 4.78mln warrants.
"We are pleased to be announcing this financing, including the addition of many UK and European based shareholders, which will allow Yooma to continue its rapid growth through strategic acquisitions. Once the Option has been exercised the financing will be oversubscribed, which will accelerate Yooma's growth and quest to become a global leader in the CBD and wellness space", said Yooma chairman Lorne Abony.