Business
Subscription for Equity
Subscription for Equity.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5997O\n Zoetic International PLC\n 02 June 2020\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n Zoetic International plc\n \n \n (\"Zoetic\" or the \"Company\")\n \n \n 2 June 2020\n \n \n Subscription for Equity\n \n \n \n \n \n Zoetic International plc (LSE: ZOE), the London-listed vertically integrated CBD and natural resources company, is pleased to announce that it has raised £350,000 through a subscription for 8,750,000 ordinary shares of 1 pence each (\"Ordinary Shares\") at a price of 4 pence per Ordinary Share (the \"Subscription Shares\") by an individual, Mr John Story (the \"Subscription\"), an existing significant investor in the Company (see the announcement of 12 February 2020). \n \n \n \n \n \n The proceeds of the Subscription will be applied primarily to finance the working capital needs of the Company for the additional distribution contracts announced earlier today for its Chill brand products within the USA. In particular, marketing expenditure, high-quality point of sale displays and the acceleration of manufacture as certain US states emerge from Covid-19 lockdown are a key focus for the use of funds from the Subscription.\n \n \n The Subscription has been conducted utilising the Company's existing share authorities. The Subscription Shares, when issued and fully paid, will rank pari passu in all respects with the existing Ordinary Shares. The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on the Main Market of the London Stock Exchange (\"Admission\") becoming effective. Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on the Main Market of the London Stock Exchange and the Standard Segment of the FCA Official List. It is expected that Admission will become effective and that dealings in the Placing Shares on the Main Market of the London Stock Exchange will commence on or around 16 June 2020.\n \n Following Admissi...