Tuesday 30th May 2023
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Cannasouth advises that it has closed its offer to Cannasouth shareholders and to shareholders of Eqalis Group New Zealand Limited (“The Offers”).
The Offers closed on 24 May 2023 with approximately 24,751,456 new shares (together with 12,375,624 options) being taken up by eligible investors, comprising shareholders in Cannasouth, shareholders in Eqalis and a number of third-party investors, raising approximately $7,177,945.
The Offers, together with the merger proposal with Eqalis (“Merger”), were both conditional upon not less than $7 million of new capital being raised (“Condition”).
Given the Condition has now been satisfied both the Offers and the Merger are unconditional.
Cannasouth will now proceed to:
1. Complete the Merger with Eqalis on Wednesday, 31 May 2023; and
2. Complete the allotment of new Cannasouth shares under the Offers after market close on Wednesday, 31 May.
The Company will confirm the completion of the above arrangements as soon as they have been concluded.
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