FastForward Innovations Ltd, (AIM:FFWD) the listed investor focused on fast-growing and industry leading businesses, is pleased to announce that it has participated in the £2.1 million issuance of Convertible Loan Notes, (the “CLN”) by research-led cannabis healthcare company, CiiTECH Limited, (“CiiTECH”).
The Company took £175,000 of the issue, funding its investment in the 24-month CLN through its existing cash resources.
The CLNs are being issued ahead of CiiTECH’s intended reverse takeover by Fragrant Prosperity Holdings Limited, (LSE: FPP) announced on 24 May 2021. CiiTECH will use the capital raised via the CLN to fund its marketing strategy, invest in new talent, build essential operational infrastructure to support future growth and finance the intended reverse takeover.
Ed McDermott, Chief Executive Officer of FastForward, commented : “CiiTECH is an established company with an outstanding reputation as a consumer facing brand-builder while being dedicated to medical cannabis research. We are delighted to have made this investment alongside other professional and ultra-high-net-worth investors, again broadening our exposure to the cannabis and wellness industry.
“CiiTECH has a diverse portfolio of healthcare brands each producing quality medical cannabis products to fit the ever-expanding market demand for them.
“We look forward to supporting CiiTECH with its aggressive growth as it advances towards a London listing.”
Principal terms of the Convertible Loan Note
The CLN will attract interest of 10% per annum, payable upon maturity or rolled-up upon conversion to equity. The CLN shall be redeemed at the principal amount on the 24-month anniversary falling from the date of issue unless converted or redeemed earlier following one of the events listed below, at which point all outstanding notes shall automatically convert into fully paid ordinary shares of CiiTECH at a 20% discount to any issue or conversion price as follows:
a) at an eligible fundraising;
b) on maturity;
c) on a change of control;
d) on an asset sale; or
e) on a Listing, on a market operated by the London Stock Exchange, or a recognised investment exchange.
– Ends –
FastForward Innovations Ltd
Ed McDermott, Lance de Jersey
FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company’s strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.
For further information on the Company please visit www.fstfwd.co
About CiiTECH Limited
CiiTECH has generated over £7.0 million in revenue since its inception in 2017, with its flagship brand Provacan. The business has a strong pipeline of additional brands, including Impact and Hugg. Expansion into new high-growth markets, such as Brazil and South Africa, is complimented by exciting research partnerships with leading academic institutions.
CiiTECH is a brand-building, consumer-focused company dedicated to ongoing cannabis research and the commercialisation of cannabis products. It uses its partnerships with leading institutions and scientists to create niche consumer brands. The company continually innovates as it strives to create the best science-led brands in the cannabis sector. CiiTECH is currently funding a range of clinical studies aimed at unravelling the large range of minor cannabinoids, bringing better understanding and more effective products to market.
CiiTECH had unaudited net assets as at 31 December 2020 of £0.42 million and reported an unaudited loss before tax of c.£74,000 on revenue of c.£3 million for the year to 31 December 2020.
For more information about CiiTECH, please visit https://ciitech.co.il
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