- Cann Global (CGB) has revealed it will be undertaking a share placement to raise $3.75 million
- All up, 750 million fully-paid ordinary shares will be issued to professional and sophisticated investors at 0.5 cents
- Participants will also receive options, exercisable at 1.2 cents with expiry on January 31, 2022
- These options will be issued in two phases with phase one set to issue 125 million options at the same time as the placement
- Subject to shareholder approval is the issue of phase two options and 15 million additional options to brokers of the placement
- Cann Global will use $3 million to clear its liabilities while the remaining will be used for general working capital
- Company shares are up a strong 83.3 per cent and are trading at 1.1 cents
Cann Global (CGB) has revealed it will be undertaking a share placement to raise $3.75 million.
The company entered a trading halt on Monday but did not reveal how much it would be raising or what it would be using the money for.
All up, 750 million fully-paid ordinary shares will be issued to professional and sophisticated investors at 0.5 cents each.
Participants will also receive options, exercisable at 1.2 cents with expiry on January 31, 2022.
