Kanabo Group Plc (formerly Spinnaker Opportunities Plc) announces that admission of the Company’s ordinary shares to trading on London Stock Exchange (“Admission”) will take place and dealings will commence at 8.00 a.m. today under the ticker KNB (ISIN: GB00BYQCS703).
– The Company has raised gross proceeds of £6 million through an oversubscribed fundraising;
– Kanabo Research Limited has the only medically-approved vaporisation device, the VapePod®, which provides metered dosages of its proprietary cannabis-based oil formulations;
– Kanabo is already engaged in selling its products as part of a Pilot Scheme and expects to soon be ready to scale up its sales;
– Kanabo’s products are triple-tested for safety, and Kanabo has plans for further safety and efficacy testing on their products;
– Use of Proceeds for the next 12 months include sales & marketing and research & development.
Upon Admission, the Company will acquire Kanabo Research Limited for an initial consideration of £15 million. The initial consideration is being satisfied by the issue of 230,769,210 new ordinary shares in the Company. In conjunction with Admission, the Company has raised gross proceeds of £6.0 million through an oversubscribed fundraising that is comprised of a placing and subscription, at an issue price of 6.5 pence per share. Upon Admission, the Company will have a market capitalisation (at the issue price) of approximately £23.4 million. Peterhouse Capital Limited acted as Broker and SI Capital Limited as Placing Agent to this fundraising.
Avihu Tamir, CEO of Kanabo Group Plc, says:
“We are proud and happy to be listed on London Stock Exchange. I would like to thank Spinnaker Opportunities and the whole transaction team for helping us to reach this goal and to thank new and existing shareholders who have invested in our pioneering endeavour.
We share the enthusiasm shown by the investment community in the UK for this important day. The reaction we have seen since we published our prospectus two weeks ago has been overwhelming. With the support of the FCA and London Stock Exchange, the medical cannabis industry is set to take off in the UK and in Europe, similar to what’s happened in North America in recent times. This is just the beginning”.
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, on Admission the Company will have 360,229,328 ordinary shares of 2.5p each in issue, each share carrying the right to one vote. The figure of 360,229,328 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
For further information, please visit http://www.kanabogroup.co.uk
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