- Medicinal cannabis developer THC Global (THC) has netted over $1.5 million in its latest share purchase plan (SPP), bringing the total amount raised via its recent funding foray to over $8.1 million
- The company collected $1.535 million from 312 shareholders via the plan, which was conducted at 30 cents per share and forecast to close on July 10
- The SPP follows THC’s institutional placement, which took place in late June and raised $6.6 million
- Moving forward, THC intends to use the funding for working capital purposes as production booms at its Southport growing facility
- News of the freshly-buffered balance sheet had THC investors looking up
- Punters took the stock price 5.45 per cent higher in afternoon trade, leading shares to trade for just under 30 cents each
Medicinal cannabis developer THC Global (THC) has raised over $1.5 million in its latest share purchase plan (SPP).
The company collected $1.535 million from 312 shareholders via the plan, which was conducted at 30 cents per share and forecast to close on July 10.
The SPP follows THC’s institutional placement, which took place in late June and raised $6.6 million.
All up, THC netted over $8.1 million in funding under its latest capital raise.
Moving forward, THC intends to use the funding for working capital purposes as production booms at its Southport growing facility.
Already, Southport can undertake “large scale, pharmaceutical-grade manufacturing” to support both domestic and export medicinal cannabis markets. And with the new cash in hand, THC has the chance to expand Southport’s current offering into new medicine forms — some common types include tablets, capsules and sprays.
On top of that, THC will use the capital to support new IT infrastructure for GPs and pharmacy chains who prescribe medicinal cannabis under the Cannedo and Tetra Health brands.
THC CEO, Ken Charteris, says he’s pleased with the company’s success in its latest funding foray.
“Over the past few months, we have achieved a number of significant milestones as a company, including supplying our Canndeo medicine to our first Australian patients, signing production agreements … securing export agreements into New Zealand and soon Canada, and achieving continued patient and revenue growth across the business,” Ken stated.
We look forward to building on these successes now with a stronger balance sheet to take us forward,” he continued.
News of the freshly-buffered balance sheet had THC investors looking up. Punters took the stock price 5.45 per cent higher in afternoon trade, leading shares to trade for just under 30 cents each.