Chill Brands Group PLC (LSE:CHLL, OTCQX:CHBRF) has launched an open offer to raise up to a maximum of £484,000, in line with a plan the CBD products specialist flagged on 9 May 2022.
Existing shareholders can apply for one unit at a price of 12p each on the basis of one unit for every 60 shares they hold.
A unit consists of one new ordinary share and five unsecured convertible loan notes with a principal amount of £0.02 each.
These open offer loan notes convert into ordinary shares at 2p.
Chill Brands said in a statement that the open offer shares and open offer loan notes are being offered at the same price and in the same ratio as the fundraising in April that raised £3.5mln.
Money raised through the open offer will be used for general working capital purposes, the statement added.