CBD Oversubscription Bookbuild and Capital Raise Complete

Cannasouth is pleased to announce that it has completed the Oversubscription Bookbuild component of its 1 for 10 pro rata renounceable rights offer ("Rights Offer”).

A total of $3,180,219 was raised under the Rights Offer and Oversubscription Bookbuild in aggregate.

The Oversubscription Bookbuild process was undertaken in respect of shares not taken up under the Rights Offer, including the shares attributable to Ineligible Shareholders.

The Oversubscription Price for new shares to be issued under the Oversubscription Bookbuild Facility was set at $0.30 by Cannasouth.

A total of 5,537,736 new shares are to be issued under the Oversubscription Bookbuild process at the Oversubscription Price.

Cannasouth Chair, Tony Ho, said: “The successful completion of our Renounceable Rights Issue, raising circa $3.2m from shareholders and wholesale investors demonstrated the strong support of our shareholders on our strategic plan in developing a world class medicinal cannabis company in New Zealand. On behalf of Team Cannasouth and the Board, I thank our shareholders and investors for their continuous support.”

Managing Director, Mark Lucas, added: “Cannasouth is committed to remain nimble footed in the evolving high growth global medicinal cannabis sector. The landscape is changing rapidly and we will continue to seek opportunities to grow and add value for our shareholders who have shown us great support in building the business to this point.”

Allotment of new shares

Settlement, allotment and trading in the new shares under the Rights Offer and the Oversubscription Bookbuild is expected to occur on or before 14 September 2022 under the existing ticker “CBD”.

-ENDS-

For further information visit www.cannasouth.co.nz or contact:

Mark Lucas
CEO / Executive Director
Email: [email protected]
Mobile: 021 484 649

Colin Foster
CFO / Company Secretary
Email: [email protected]
Mobile: 027 577 1498

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Announcement PDF