Thanks Andrew, appreciate the update re next steps. Do you mind...

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Pennthorpe

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01/01/24

19:03

Post #: 71683705
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Originally posted by AusCannOfficial: ↑

Hi All,

The plans for 2024 are the following:

1. Rights issue to raise $3.2m at 1.6 cents per share. This was the price the auditor valued the stock at on June 30th despite the loan to EuroCann in good standing so we have elected to use this price as the basis for a rights issue. You can apply for stock at this level if you choose to do so. Timeline will be launched in January and complete 6-8 weeks after launch. More information to follow very early in Jan 24.

2. Complete the merger of AC8 and EuroCann (100% owner of HAPA Pharm in Germany), this will take a 3-4 months from here. Paperwork is with the lawyers now and in the process and all resolutions will be voted on by us shareholders in time. If you follow AC8 announcements over the last year - AC8 has undergone a "loan to own" strategy with HAPA and this is now starting to complete.

3. Once stage 2 is complete - Re-list.

The funds will be used to complete the acquisition and have the minimum amount required in the tin to relist so we shouldn't have to go out and raise further funds from investors outside the current register. It will also give shareholders the right to apply for shares at a price that we think was unjust, however this is where the auditor settled on.

If you elect not to take up the rights, the board will reserve the right to place them to other parties.

None of this is without risk but this is what we have been working on for sometime and as its getting toward the pointy end and a lot more information will start coming to all shareholders, we can start an active dialogue here on it.

Happy New Year - 2024 will surely be better than 2023 for Medical Cannabis stocks in my opinion anyway - as it certainly can't get much worse!

Andrew.

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Thanks Andrew, appreciate the update re next steps. Do you mind sharing some info about Hapa when you get a chance, would be great to understand any competitive advantages, production capacity, how revenue has been trending over recent years (if able to share). Despite the negative sentiment from probably a large % of the investor base built up over a pretty average run for cannabis stocks I appreciate the open dialogue of late on this forum.

AC8 Price at posting: 4.0¢ Sentiment: Hold Disclosure: Held
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