Spinnaker Opportunities PLC Subscription and Update on Medicinal Cannabis RTO (7990G)
19 Marzo 2020 - 12:17PM
UK Regulatory
TIDMSOP
RNS Number : 7990G
Spinnaker Opportunities PLC
19 March 2020
19 March 2020
Spinnaker Opportunities plc
("Spinnaker" or the "Company")
Subscription and Update on Medicinal Cannabis RTO
Further to the announcement made on 10 February, Spinnaker has
agreed to advance a further loan tranche of GBP100,000 to Kanabo
Research Ltd ("Kanabo") under the terms of the existing Loan
Facility Agreement to enable Kanabo to continue to execute its 2020
business plan to grow sales and invest in future development.
The loan tranche is being funded by way of a subscription for
loan notes in the amount of GBP125,000 by existing investors
including GBP50,000 from Mr Tony Harpur, a director of
Spinnaker.
Commenting on the developments, Andy Morrison, Chairman of
Spinnaker said:
"We are pleased to be in a position to continue to support
Kanabo in the development of the business that we expect to bring
to market shortly. It is particularly pleasing to see the
willingness of investors to assist and support the business in this
important period. We continue to work to deliver this acquisition
to shareholders as soon as possible and will keep you updated on
our progress."
Avihu Tamir, Founder and CEO of Kanabo Research Limited,
commented:
"We are delighted to have received this additional financial
support from Spinnaker as we work towards publishing a prospectus.
Kanabo is well positioned to be a first mover in the European
medical cannabis market and we look forward to taking full
advantage of this upon completion of the transaction."
Kanabo Business Update
Kanabo is a R&D company based in Israel which is focused on
developing a range of innovative vaporisation, medical cannabis and
CBD products for consumers. Kanabo is currently focused on
establishing sales for its CBD product range in the UK and Germany,
whilst continuing to conduct R&D work in the development of its
medical cannabis products in Israel.
Subscription Terms
The loan notes will convert into 2,500,000 shares ("Subscription
Shares") at a conversion price of 5p per share on the date on which
the Company's shares are re-admitted to trading and the investors
shall be entitled to receive one warrant for every two Subscription
Shares issued ("Warrants"). The Warrants will be issued at a strike
price of 5p and with validity of 3 years from the date of
re-admission.
Loan Terms
The terms of the additional loan tranche are based on those of
the Loan Facility Agreement originally set out in the announcement
of 2 December 2019 and now amended and restated to allow for
additional funding up to an aggregate amount of GBP200,000
(including this tranche). The loan is secured against the
intellectual property and other assets of Kanabo. The term of the
loan is for a maximum of 18 months from date of advance, with an
interest rate of 6.0% per annum. Spinnaker shall consider making
further advances to Kanabo under the Loan Facility Agreement.
The full terms of the Proposed Acquisition are to be set out in
a prospectus, expected to be published in due course.
For further information, please visit
http://www.spinnakeropportunities.uk/ or contact the following:
Peterhouse Capital (Financial Adviser and Joint Broker)
Tel: +44 (0)20 7469 0930
Guy Miller/ Lucy Williams / Eran Zucker
SI Capital (Joint Broker)
Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038
Nick Emerson / Greg Mahoney
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3224
Camilla Horsfall / Megan Ray
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Notes to Editors
Kanabo is an Israel based company, that believes that by
creating a holistic ecosystem that works together in synergy, it
can create a new standard in the medical Cannabis industry and
improve the well-being of millions around the world. Kanabo will
focus on the distribution of Cannabis-derived products for medical
patients, and THC-free CBD products for consumers. Kanabo has
conducted extensive R&D in order to develop high-quality
Cannabis extract formulas, innovative medical-grade vaporizers, and
various non-smoking consumption solutions - making it easy and
accessible for anyone in need of treatment. Research and validation
activities, including safety and efficiency tests, are conducted in
the company's research centre in Israel.
Kanabo is currently undertaking a pilot sales scheme to measure
key performance indicators in relation to the sale of its range of
THC-free CBD products. It is ready to scale up to meet market
demands and projected sales and revenues and to grow the Kanabo
brand through its marketing initiatives.
Kanabo's future long-term strategy involves continued research
and development activities to develop a range of Unlicensed Medical
Cannabis Oils, which will be sold alongside its vaporisation
device, the VapePod Medical. It is intended that medicinal products
will be sold as unlicensed medicines in the UK and Germany.
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 rns@lseg.com or visit www.rns.com.
END
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