Cann Group has completed the A$10m placement it announced on July 26, 2021 with the company looking to raise a further $10m under a Share Purchase Plan subject to shareholder approval.

Proceeds will be used to invest in supply chain and expanded production capabilities at its Mildura facility, as well as supporting the growth of Cann’s recently acquired Satipharm business.

The company issued $8.93m worth of new shares, while a further $1.07m worth will be issued to Cann directors and related parties, subject to shareholder approval at an extraordinary general meeting scheduled for early September.

The directors and related parties who took part in the placement were chairman Allan McCallum, deputy chairman Philip Jacobsen and directors Doug Rathbone, Geoff Pearce and John Sharman.