- Medicinal cannabis company Bod Australia (BDA) has received firm commitments to undertake an $8 million placement
- Roughly 14.5 million new fully-paid ordinary shares will be issued to institutional and sophisticated investors at 55 cents each
- Bod will use the money to launch new products, progress revenue generating activities, and promote growth in Australia
- Bod has ended the day 2.44 per cent in the red with shares trading at 60 cents
Bod Australia (BDA) has received firm commitments to undertake an $8 million placement.
The medicinal cannabis company entered a trading halt only yesterday but did reveal how much it would be raising or what the funds would go towards.
Roughly 14.5 million new fully-paid ordinary shares will be issued to institutional and sophisticated investors at 55 cents each.
Bod will use the money to launch new products, progress revenue generating activities, and promote growth in Australia.
“We are particularly pleased with the level of support from existing institutional shareholders, affirming shareholder support and further validating the company’s international expansion strategy for its portfolio of CBD and hemp based products,” CEO Jo Patterson commented.
‘The funds raised will provide us with considerable financial flexibility and enable us to accelerate the launch of new products and to expand our presence in a number of key international markets including the European Union and North America,” she said.
“We have a number of near term, revenue-generating opportunities in these markets and we look forward to updating shareholders on developments in the coming months,” she added.
Bod has ended the day 2.44 per cent in the red with shares trading at 60 cents in a $56.19 million market cap.