CBD specialist Zoetic International PLC (LON:ZOE) said it has raised £350,000 by selling stock to an existing individual shareholder.
Private investor John Story has increased his stake in the company to 5.06% by acquiring 8.75mln share at 4p each.
The proceeds will be used to fund the new US distribution contracts for its Chill range of cannabidiol products.
Specifically, investment will be made into marketing, point of sale displays and the acceleration of manufacture as certain states emerge from the coronavirus lockdown.
Co-chief executive Trevor Taylor said this latest fundraise combined with the £1.19mln injected by the Schrader family in March “should ensure we have the working capital we need to roll out Chill as the USA emerges from the Covid-19 lockdown”.
“Having two such supportive key shareholders gives us great confidence for the future,” he added.
Story by ProactiveInvestors
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