Listed New Zealand firm Cannasouth has raised NZ$3.18m via a rights offer and oversubscription bookbuild.
The rights offer closed on September 7, 2022 with approximately 5.06m new shares being taken up by eligible shareholders, raising just shy of $1.52m.
The oversubscription bookbuild process was undertaken in respect of shares not taken up under the rights offer, including those attributable to ineligible shareholders.
The price for new shares to be issued under the oversubscription bookbuild facility was set at $0.30 by Cannasouth. Nearly 5.54m new shares will be issued at that price, raising a further $1.66m.
Managing director Mark Lucas said: “Cannasouth is committed to remaining 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.”
Settlement, allotment and trading in the new shares is expected to occur on or before September 14 under the existing ticker ‘CBD’.