Zoetic International successfully completes £6mln fundraiser that provides funding for ambitious commercial plans
Cannabidiol (CBD) specialist Zoetic International PLC (LON:ZOE) said it has raised £6mln before expenses from existing and new investors that will allow it to terminate a financing agreement and fund its commercial aspirations.
The new shares were issued at 60p each, a modest discount to Friday’s closing share price, and come with a warrant attached (on a one-for-one basis) exercisable over the next three years at 120p.
The proceeds allow Zoetic to end its financing agreement with LDA Capital while continuing the roll-out of its Chill CBD line. It also plans to launch new brands and update its direct-to-consumer website.
In the same announcement, the firm said chief financial officer Paul Ferguson was leaving with immediate effect.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/948367/zoetic-international-successfully-completes-6mln-fundraiser-that-provides-funding-for-ambitious-commercial-plans-948367.html
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