Elixinol Global has announced to the ASX the successful completion of a placement to raise A$8.2 million at 17 cents per share, supported by both existing and new sophisticated and institutional shareholders.
Following completion of the placement, Elixinol Global will also conduct a share purchase plan to existing eligible shareholders to raise up to A$2 million.
Proceeds from the placement and share purchase plan will be used for working capital to support the company’s growth strategy.
Executive director and group CEO Oliver Horn (pictured) said: “We greatly appreciate the support of both existing and new investors, with demand for the placement far exceeding the funds raised.
“The board also feels it important to offer new shares to existing shareholders under the same terms as the placement, so have launched a share purchase plan.
“This funding will be instrumental to Elixinol as we continue to move the company towards a cashflow-positive position.”