- Little Green Pharma (LGP) has opened its share purchase plan (SPP) with aims to raise up to $5 million
- Under the plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which are priced at 65 cents
- This price represents a 17.3 per cent discount to the five-day volume-weighted average price
- LGP will use the money to speed-up sales and marketing efforts in both Australia and overseas as well as expand its manufacturing capacity
- Shares in Little Green Pharma have dropped 8.75 per cent and are trading at 73 cents each
Little Green Pharma (LGP) has opened its share purchase plan (SPP) with aims to raise up to $5 million.
This follows on from a recently announced placement to sophisticated, experienced and professional investors to raise $22 million.
All up, around 34 million shares were issued to participants at 65 cents.
Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which are also priced at 65 cents.
This price represents a 17.3 per cent discount to the five-day volume-weighted average price.
The company’s Australian-based Directors, Angus Caithness and Neale Fong, intend to apply for the maximum $30,000 worth.
In the event of oversubscriptions, LGP has the right to scale-back applications.
LGP will use the money from both the placement and share purchase plan to speed-up sales and marketing efforts in both Australian and overseas markets, and expand its manufacturing and cultivation capacity.
The plan is set to close on March 3 and shares will be issued on March 11 and begin trading on the ASX on March 12.
Shares in Little Green Pharma have dropped 8.75 per cent and are trading at 73 cents each at 1:56 pm AEDT.