The SPP offer booklet was issued on February 19 with the company receiving eligible subscriptions of $389,400 from 158 shareholders.
In accordance with the SPP terms and conditions, the issue price per SPP share will be the higher of:
- 8 cents; and
- 80% of the volume weighted average market price (VWAP) for shares calculated over the 5 days on which sales in shares are recorded prior to the day on which shares under the SPP are issued.
MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail.
The company is well capitalised with the flexibility to make follow-on investments in its current portfolio companies and to manage the timing of exits for some existing investments.