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THC Global raises more than $1.5 million via SPP

Funds will expand capability at the Southport Facility for additional finished goods, develop IT infrastructure to support doctors and pharmacies in accessing medicinal cannabis.

THC Global Group Ltd - Thc Global Group raises more than $1.5 million via SPP
SPP shares will be issued on Monday, July 20, 2020

THC Global Group Ltd (ASX:THC) has completed its share purchase plan, raising $1.535 million from 312 eligible shareholders.

The SPP followed the completion an institutional placement in late June 2020, taking the total amount raised by the company in this capital raising to $8.136 million at 30 cents per share.

Shares are more than 5% higher today at 29 cents.

“Building on successes”

Chief executive officer Ken Charteris said: “We’re pleased to have now completed this capital raising, securing over $8.1 million for the company.

“Over the past few months, we have achieved a number of significant milestones as a company including supplying our Canndeo medicine to our first Australian patients, signing production agreements which will see THC Global manufacturing medicines for multiple brands, securing export agreements into New Zealand and soon Canada, and achieving continued patient and revenue growth across the business.

“We look forward to building on these successes now with a stronger balance sheet to take us forward.”

Working capital

THC Global expects the SPP shares to be issued on Monday, July 20, 2020.

The funds raised from this capital raising will be primarily applied towards working capital for the company as production volumes rapidly increase at its Southport Facility.

Additionally, part of the funds raised will be applied towards expanding the company’s finished goods capabilities into additional medicine forms and to develop new IT infrastructure to support doctors and pharmacies supplying medicinal cannabis medicines for both Canndeo and Tetra Health.

Quick facts: THC Global Group Ltd

Price: 0.265 AUD

ASX:THC
Market: ASX
Market Cap: $46.63 m
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