THC Global Group Ltd (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) director Alan Beasley has demonstrated his confidence in the company’s medicinal cannabis strategy with an on-market share purchase.
On July 10, the non-executive director purchased 100,000 shares at 30 cents each for a total value of $30,000.
He now holds 880,000 shares in this indirect interest.
SPP completed
Last week the company 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.
Production volumes increase
Funds raised will be primarily applied towards working capital for the company as production volumes rapidly increase at its Southport Facility.
Additionally, part of the funds 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.
At the time, chief executive officer Ken Charteris said: “We’re pleased to have now completed this capital raising, securing over $8.1 million for the company.”
Milestones achieved
He said: “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.”
AGM upcoming
The company will hold its annual general meeting at 11.00am (AEST) on July 30, 2020.
In compliance with NSW Government physical distancing requirements, the company is required to significantly limit in person attendance at the AGM and, on advice from the meeting venue, may be forced to refuse to allow shareholders into the meeting room once it reaches capacity.
Accordingly, the company will make the AGM accessible to all shareholders by way of a live webcast, which will include a facility for asking questions in relation to the business of the AGM.
To register for the AGM Webcast, please complete the form linked here (click here).