Leading medical cannabis company AusCann Group (ASX:AC8) has successfully completed a capital raising of $33.4 million via a share placement to sophisticated and professional investors from North America and Australia, including AusCann’s major shareholder, Canopy Growth Corporation.
Canopy will increase its ownership in AusCann to 11.2 per cent following completion of the Placement.
AusCann will use the proceeds of the Placement to fund cannabinoid pharmaceutical research and development and clinical studies and expand its operations in Chile and Australia.
Canaccord Genuity Australia acted as lead manager and bookrunner to the Placement.
The Company intends to offer an SPP to eligible existing shareholders
Shares in AusCann Group (ASX:AC8)down 6.25% to $1.20