Rua shareholders green light Zalm deal

Rua chief executive Rob Mitchell told shareholders at a special meeting yesterday Zalm had developed three cannabis oil products. (Image: supplied)

Staff reporters

Thu, 20 Jan 2022

Rua Bioscience shareholders have signed off on the $10 million equity purchase of cannabis firm Zalm Therapeutics.The deal, announced Nov 30, will see the Gisborne based medicinal cannabis firm issue 24.42m new shares at 41 cents a share, payable in three instalments of $3.3m based on "hitting production and regulatory milestones."Shareholder approval was required as the issue exceeded Rua's 15% placement capacity under NZX listing rules.Those milestones include receiving German regulatory approvals for the sale of cannabidiol (CB...

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