Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF, AQSE:YOOM), the developer of a portfolio of cannabis-related wellness brands, started trading on the Aquis Stock Exchange Growth Market in London today under the ticker 'YOOM' in what is the largest ever capital raise for a cannabis company on the exchange.
With Yooma maintaining its Canadian Securities Exchange listing, this will be the first dual-listing for a North American cannabis company.
It has raised gross proceeds of US$10.3mln (£7.5mln) from a placing at a price of C$0.90 (52.3p) per share, with the proceeds to be used to finance the cash portion of several strategic acquisitions and for other general corporate purposes.
Lorne Abony, chairman of Yooma, said: "Yooma's listing on the AQSE provides us with a solid foundation on which to execute our growth strategy in the UK, Europe and beyond. Our strategic focus on value accretive acquisitions throughout the world will help to solidify Yooma's place as a global wellness leader."
All placees have been granted a half warrant for each placing share subscribed for, which are each exercisable at a price of C$1.35 (78.49p) per common shares, and which expire on the third anniversary of admission.
The placing is the fourth-largest raise on Aquis this year.
AIM-listed SEED Innovations Limited said last week that it bought £220,000 in the financing and expected to have a stake at admission of 4,427,609 common shares, representing roughly 5% of the total.