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Cannasouth Limited (NZX: CBD) Raises $4.5m in New Capital

Tuesday 3rd August 2021

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Cannasouth Limited is pleased to announce that its recently closed Share Purchase Plan and retail offer (Offer) has raised a total of $4,500,000 through the issue of 11,250,000 new ordinary fully paid shares and 3,750,000 options.

In terms of the Offer, for every three shares subscribed for, an investor received one option. The options have a 2-year expiry date and an exercise price $0.40 per share. They will not be quoted on the NZX Main Board. Investors will be sent a direct communication in due course providing further information as to the manner in which an option may be exercised.

On 5 July 2021, Cannasouth announced that it was seeking to raise up to $6 million to consolidate its operations by acquiring outstanding interests it does not already own, in each of Midwest Pharmaceutics NZ Limited and Cannasouth Cultivation Limited, and to provide additional growth capital.

Given the Company has raised $4.5 million to date, the Company will now seek to place the balance of $1.5 million prior to 30 September 2021.

Cannasouth expects that the new shares will be allotted, and holder statements sent out to shareholders, on or about Friday 6 August 2021.

Please see the link below for details

NZX MAP_CBD_Capital Raise Results

Source: Cannasouth Limited

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