Market

Zelira Raises US$5 Million from US Fund at 54% Premium to Accelerate Growth Initiatives | INN

Zelira TherapeuticsLtd (ASX:ZLD,OTCQB:ZLDAF), a global leader in the research and development of clinically validated cannabinoid medicines, is pleased to announce that it has raised a total of US$5 million from Quincy Street Capital LLC (Quincy Street), a US-based family office fund, comprising: US$3.5 million (A$4.79 million) via a placement of 79,908,676 Zelira fully paid ordinary …

Zelira TherapeuticsLtd (ASX:ZLD,OTCQB:ZLDAF), a global leader in the research and development of clinically validated cannabinoid medicines, is pleased to announce that it has raised a total of US$5 million from Quincy Street Capital LLC (Quincy Street), a US-based family office fund, comprising:

  • US$3.5 million (A$4.79 million) via a placement of 79,908,676 Zelira fully paid ordinary shares at A$0.06 per share (Placement), a 54% premium to the stock’s last closing price
  • 1 unlisted option for every 2 ordinary shares issued, expiring 2 years from the date of issue with an exercise price of A$0.09 per option, with 39,954,338 total unlisted options to be issued
  • US$1.5 million (A$2.05 million) via an equity investment in Ilera Derm LLC (ZeliraDermatology) for a 3% shareholding in that company, valuing Zelira Dermatology at US$50 million.

Key Highlights

US$5 million raised from US-based family office fund comprising:

  • US$3.5 million placement of Zelira ordinary shares at A$0.06 per share, a 54% premium to the stock’s last closing price
  • 1 unlisted option for every 2 ordinary shares issued, expiring 2 years from the date of issue with an exercise price of A$0.09 per option
  • US$1.5 million equity investment into Zelira Dermatology for a 3% shareholding in that company, valuing Zelira Dermatology at US$50 million
  • Provides sufficient funding for Zelira to accelerate its growth initiatives
  • Fundraising values Zelira and its share of associated entities at A$122.8 million

Following the fundraising, Quincy Street becoming a substantial shareholder in Zelira with a 6.3% shareholding.

At a Group level, the fundraising values Zelira at A$122.8 million, being US$50 million for the listed entity and US$50 million for Zelira Dermatology, of which Zelira holds a 78% interest post fundraising.

 

Read the full article here.

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button