Business
Subscription and Update on Medicinal Cannabis RTO
Subscription and Update on Medicinal Cannabis RTO.
About this update from Kanabo Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7990G\n Spinnaker Opportunities PLC\n 19 March 2020\n \n \n \n 19 March 2020\n \n \n Spinnaker Opportunities plc\n \n (\"Spinnaker\" or the \"Company\")\n Subscription and Update on Medicinal Cannabis RTO\n Further to the announcement made on 10 February, Spinnaker has agreed to advance a further loan tranche of £100,000 to Kanabo Research Ltd (\"Kanabo\") under the terms of the existing Loan Facility Agreement to enable Kanabo to continue to execute its 2020 business plan to grow sales and invest in future development.\n The loan tranche is being funded by way of a subscription for loan notes in the amount of £125,000 by existing investors including £50,000 from Mr Tony Harpur, a director of Spinnaker.\n \n Commenting on the developments, Andy Morrison, Chairman of Spinnaker said:\n \"We are pleased to be in a position to continue to support Kanabo in the development of the business that we expect to bring to market shortly. It is particularly pleasing to see the willingness of investors to assist and support the business in this important period. We continue to work to deliver this acquisition to shareholders as soon as possible and will keep you updated on our progress.\"\n \n \n \n \n Avihu Tamir, Founder and CEO of Kanabo Research Limited, commented:\n \n \n \"We are delighted to have received this additional financial support from Spinnaker\n \n as we work towards publishing a prospectus. Kanabo is well positioned to be a first mover in the European medical cannabis market and we look forward to taking full advantage of this upon completion of the transaction.\"\n \n \n \n Kanabo Business Update\n Kanabo is a R&D company based in Israel which is focused on developing a range of innovative vaporisation, medical cannabis and CBD products for consumers. Kanabo is currently focused on establishing sales for its CBD product range in the UK and Germany, whilst continuing to conduct R&D work in the development of its medical cannabis products in Israel. \n \n Subscription Terms\n The loan notes will convert into 2,500,000 shares (\"Subscription Shares\") at a conversion price of 5p per share on the date on which the Company's shares are re-admitted to trading and the investors shall be entitled to receive one warrant for every two Subscription Shares iss...