CBD - Presentation Slides for Cannasouth Special Meeting

Friday 28th April 2023

The attached CEO Review of Proposed Merger slides will be presented at the Special Meeting of Shareholders for Cannasouth Limited (NZX: CBD ) held at the offices of Link Market Services, Auckland, at 11:00am on Friday 28 April 2023 and on Link Market Services virtual platform.

The online meeting link is www.virtualmeeting.co.nz/cbdsm23

The special meeting is to approve the proposed 50:50 merger (“Merger”) with Eqalis Group New Zealand Limited (“Eqalis”).

Capital Raising Initiative:

As previously announced CBD is seeking to raise circa $9 million of new capital in conjunction with the Merger (“Capital Raise”).

Details of the structure of the proposed capital raising initiative were released to the market on 4 April and 13 April 2023. In those announcements CBD advised that third party investors, including for this purpose certain CBD shareholders or Eqalis shareholders (together “Firm Investors”) were being approached to secure binding commitments to participate in the Capital Raise, subject to sufficient CBD shares being available for subscription.

The CBD Board is pleased to advise that binding commitments to participate in the Capital Raise for amounts of $4.2 million in aggregate have been received from Firm Investors to date.

CBD Chair, Tony Ho says, “Securing these firm commitments ahead of launching the merger related Capital Raise next week confirms the strong support for the medicinal cannabis industry and for this proposed Merger by new investors and our shareholders.”.

-ENDS-

Comments from our readers

No comments yet