Harvest One Increases Equity Financing to C$25M Following Strong Investor Support for Acquisition of United Greeneries / Satipharm
Harvest One to Increase Equity Raising to C$25M
Perth, Jan 30, 2017 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) ("Harvest One") has increased its private placement ("the placement") to C$22 million, plus an over-allotment option of up to an additional C$3 million. Under the increased offering, Harvest One may issue up to 33,333,333 subscription receipts (the "Subscription Receipts") at a price of $0.75 per Subscription Receipt.
Funds received from the placement will be used to finalise the acquisition of the MMJ's core cannabis subsidiaries United Greeneries Holdings Ltd ("UG") and Satipharm AG ("Satipharm") respectively. Post transaction, MMJ shareholders will have an approximately 60% ownership in Harvest One - a fully-financed company with two cannabis brands operating in one of the fastest growing cannabis markets globally.
Closing of the placement is expected to occur by mid-February 2017, subject to the satisfaction of customary closing conditions.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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