Kanabo Group PLC

Admission and First Day of Dealings

RNS Number : 1822P
Kanabo Group PLC
16 February 2021
 

16 February 2021

THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE WITHIN THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION IN THE ADMISSION DOCUMENT PUBLISHED BY KANABO GROUP PLC IN CONNECTION WITH THE PROPOSED ADMISSION OF ITS ORDINARY SHARES TO TRADING ON THE LONDON STOCK EXCHANGE.

 

 

Kanabo Group Plc

("Kanabo" or the "Company")

 

Admission to the London Stock Exchange

and

First Day of Dealings

Kanabo Group Plc (formerly Spinnaker Opportunities Plc) announces that admission of the Company's ordinary shares to trading on London Stock Exchange ("Admission") will take place and dealings will commence at 8.00 a.m. today under the ticker KNB (ISIN: GB00BYQCS703).

Highlights

-  The Company has raised gross proceeds of £6 million through an oversubscribed fundraising;

-  Kanabo Research Limited has the only medically-approved vaporisation device, the VapePod®, which provides metered dosages of its proprietary cannabis-based oil formulations;

-  Kanabo is already engaged in selling its products as part of a Pilot Scheme and expects to soon be ready to scale up its sales;

-  Kanabo's products are triple-tested for safety, and Kanabo has plans for further safety and efficacy testing on their products;

-  Use of Proceeds for the next 12 months include sales & marketing and research & development.

Upon Admission, the Company will acquire Kanabo Research Limited for an initial consideration of £15 million. The initial consideration is being satisfied by the issue of 230,769,210 new ordinary shares in the Company. In conjunction with Admission, the Company has raised gross proceeds of £6.0 million through an oversubscribed fundraising that is comprised of a placing and subscription, at an issue price of 6.5 pence per share. Upon Admission, the Company will have a market capitalisation (at the issue price) of approximately £23.4 million. Peterhouse Capital Limited acted as Broker and SI Capital Limited as Placing Agent to this fundraising.

 

Avihu Tamir,  CEO of Kanabo Group Plc, says:

"We are proud and happy to be listed on London Stock Exchange. I would like to thank Spinnaker Opportunities and the whole transaction team for helping us to reach this goal and to thank new and existing shareholders who have invested in our pioneering endeavour.

We share the enthusiasm shown by the investment community in the UK for this important day.  The reaction we have seen since we published our prospectus two weeks ago has been overwhelming. With the support of the FCA and London Stock Exchange, the medical cannabis industry is set to take off in the UK and in Europe, similar to what's happened in North America in recent times. This is just the beginning".

 

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, on Admission the Company will have 360,229,328 ordinary shares of 2.5p each in issue, each share carrying the right to one vote. The figure of 360,229,328 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please visit http://www.kanabogroup.co.uk/ or contact the following:

Kanabo Group Plc

Tel: +44 (0)7980 878561

Andy Morrison

 

Peterhouse Capital Limited (Financial Adviser)

Tel: +44 (0)20 7469 0930

Eran Zucker / Guy Miller / Allie Feuerlein

Peterhouse Capital Limited (Corporate Broker)

Lucy Williams / Charles Goodfellow

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
STRUVSARAKUUAUR