Monday, 16 July 2018 – Further to the announcement on 5 July 2018, leading medical cannabis company AusCann Group Holdings Limited (ASX:AC8) (‘AusCann’ or ‘the Company’) is pleased to announce a Share Purchase Plan ('SPP') to eligible existing shareholders to raise up to A$8 million.
Up to 7,619,048 new fully paid ordinary shares in the Company ('Shares') will be issued to eligible existing shareholders under the SPP at an issue price of A$1.05 per Share (‘Issue Price’). AusCann has more than 21,000 shareholders.
The Issue Price represents a discount of 4.5% to the issue price of the share placement (‘Placement’) announced on 5 July 2018 (‘Additional SPP Discount’), and a discount of 5.6% to the volume weighted average price of the Company’s shares traded on ASX over the five days trading days prior to the date of this announcement (which was A$1.112). The Additional SPP Discount is given to participants under the SPP in lieu of there being no attaching options under the SPP, as there was in the Placement. For the avoidance of doubt, there are no attaching options under the SPP. The Issue Price is free of brokerage and commission.
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