Cannasouth to launch a pro-rata renounceable rights issue

Cannasouth Limited (NZX:CBD) has announced a 1 for 10 pro-rata renounceable rights issue to raise up to $4.1 million.

Eligible shareholders registered in New Zealand or Australia on the Record Date will be entitled to participate in the Rights Offer, which can also be traded.

Eligible shareholders may also apply for additional shares through an Oversubscription Bookbuild Facility process.

The funds raised will be applied towards the costs associated with flower sales, distribution of finished medicinal cannabis products, expanding plant genetics onboarding and tissue culture propagation capabilities and further developing the laboratory support function.

Key dates for the Rights Offer are 19 August to 1 September 2022.