Psychedelics firm Reset Mind Sciences will remain a subsidiary of Little Green Pharma after dropping plans for a capital raise and to list on London’s AIM stock exchange.
The move comes after AIM decided that UK funds cannot invest in psychedelic-assisted psychotherapy (PAP) as it is not currently permitted in the country, meaning Reset is unable to list on a UK exchange at present.
LGP told the ASX: “While disappointing, the company believes that with the rapid advance of psychedelics globally, PAP services will be legal in the UK in the near term at which time the company will re-engage with regulators.”
Investors who participated in the offer will be refunded in full.
Melodiol Global Health
Melodiol Global Health has received firm commitments to raise A$1.08 million through the issue of around 106 million shares at an issue price of $0.01019 cents per share.
The firm told the ASX proceeds will be used to fund “near-term growth opportunities across select business units, corporate costs (including the potential restructure or sale of businesses representing less than 10% of overall group revenue in order to accelerate profitability), general working capital and costs of the offer”.
Late last year, the company took steps to rationalise non-core assets in its portfolio, including the “temporary pause” of operations at Halucenex, Sierra Sage Herbs, and impACTIVE.
It added: “Melodiol remains focused on accelerating a cash flow positive state via execution at both Mernova and Health House International, which represented 93% of group revenue (based on Q3 FY23).”
In addition to these efforts, the company said it “continues to entertain possible additional sources of capital… and possible divestment of non-core and core assets.”
AusCann
AusCann has withdrawn a Share Purchase Plan (SPP) announced in January which aimed to raise A$1m to help with operating expenditure, working capital and costs associated with the company’s readmission to the ASX.
Trading in AusCann shares has been suspended since August 2022.
In a statement to the ASX, AusCann said the board “decided to withdraw the SPP offer due to the potential implications the capital raising may cause for the company should [it] apply to undertake a re-compliance with Chapters 1 and 2 of the ASX Listing Rules”.
The company will issue a supplementary prospectus to formally withdraw the SPP offer while all application monies already received will be refunded in full.
Elixinol Wellness
Elixinol Wellness has entered into a binding purchase agreement with AltMed Pets to divest its minority interest in the US-based firm, which trades as Pet Releaf.
Subject to financing, the agreement is expected to realise around A$2.3 million in cash prior to April 30 which Elixinol said it will use to accelerate “organic and inorganic growth opportunities”.
