Investee Company Update: Little Green Pharma Ltd

Seed Innovations Limited

13 November 2023

 

13 November 2023 

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd

SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness and medical cannabis companies to which, in normal circumstances, they have limited access to, is pleased to note an update by its portfolio company, Little Green Pharma Ltd ('LGP') on its wholly-owned subsidiary Reset Mind Sciences Limited ('Reset').

The Company owns 7,324,796 ordinary shares in LGP representing 2.44% of LGP's issued share capital.

LGP is proposing to demerge its psilocybin and psychedelic business and assets, including an in-specie distribution of shares in its 100% wholly owned subsidiary, Reset.

Demerger and in-specie distribution of shares in Reset

LGP plans to split its psilocybin and psychedelic business, including its subsidiary Reset. This Demerger involves distributing about 10,000,000 Reset shares to shareholders who held Reset shares as of December 15, 2023 (referred to as Eligible LGP Shareholders), on a proportional basis of 1 Reset share for every 30 LGP shares held.

The distribution is subject to approval by LGP shareholders at a general meeting on December 11, 2023, as outlined in the Company's Notice of General Meeting from November 9, 2023.

LGP are offering a Priority Offer to its shareholders

On November 9, 2023, Reset submitted a new prospectus to the Australian Securities and Investments Commission. This document outlines plans to raise $2 million by issuing up to 10,000,000 ordinary shares in Reset at $0.20 per share, with the option to take in additional investments of up to $1,000,000.

Eligible LGP shareholders are being given a priority opportunity to purchase up to 5,000,000 Reset shares at $0.20 per share, aiming to generate up to $1,000,000. This Priority Offer is available to LGP shareholders in qualifying locations who held ordinary shares in LGP at 5:00 pm (WST) on November 9, 2023.

Commenting on the collaboration, Ed McDermott, CEO of Seed said: "This marks an exciting milestone for LGP, as the potential for unique insurance-backed treatment in Australia positions itself as a groundbreaking new market for Psychedelic treatment."

The announcement in full can be accessed from the following link:   https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements

- Ends -

For further information on the Company please visit:    www.seedinnovations.co     or contact: 

Ed McDermott  Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
James Biddle  Roland Cornish	Beaumont Cornish Limited,  Nomad	T: (0)20 7628 3396
Isabella Pierre  Damon Heath	Shard Capital Partners LLP  Broker	T: (0)20 7186 9927
Catherine Leftley  Ana Ribeiro Isabelle Morris	St Brides Partners Ltd,  Financial PR	E: [e-mail]

Notes 

Seed Innovations Ltd 

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each. 

About Little Green Pharma 

Little Green Pharma is a global, vertically integrated and geographically diverse medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution. 

The Company has two global production sites for the manufacture of its own-branded and white-label ranges of GMP-grade medicinal cannabis products, being a 21,500m2 cultivation and 4,000m2 GMP manufacturing facility capable of producing over 30 tonnes of medicinal cannabis biomass per annum located in Denmark (EU) and an indoor cultivation and manufacturing facility located in Western Australia capable of producing ~3 tonnes of medicinal cannabis biomass per annum. 

Little Green Pharma products comply with all required Danish Medicines Agency and Therapeutic Goods Administration regulations and testing requirements. With a growing range of products containing differing ratios of active ingredients, Little Green Pharma supplies medical-grade cannabis products to Australian, European and overseas markets. 

The Company has a strong focus on patient access in the emerging global medicinal cannabis market and is actively engaged in promoting education and outreach programs, as well as participating in clinical investigations and research projects to develop innovative new delivery systems. 

 

END