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- Wellnex Life (WNX) launches a share purchase plan (SPP) for eligible shareholders at an issue price of 7.5 cents, a 21.88 per cent discount of the closing price on September 12
- The company intends to use its funds to drive progress of the joint venture with OneLife Botanicals to become one of the first companies to offer an over-the-counter medical cannabis product in the Australian market
- Further, funds will also be used to finance the inventory required for launching new products including Performance Inspired and continuing to progress further growth avenues
- The SPP will tentatively close on October 5
- Shares in Wellnex have ended the day down 8.33 per cent to close at 8.8 cents
Wellnex Life (WNX) has launched a share purchase plan (SPP) for eligible shareholders at an issue price of 7.5 cents, a 21.88 per cent discount of the closing price on September 12.
The company intends to use the money raised to drive progress of the joint venture with OneLife Botanicals to become one of the first companies to offer an over-the-counter medical cannabis product in the Australian market.
Further, funds will also be used to finance the inventory required for launching new products including Performance Inspired and continuing to progress further growth avenues.
Eligible shareholders will be able to apply for up to $30,000 of new shares from September 14 when the SPP opens.
CEO George Karafotias said the company is seeking to maintain this momentum and its position.
“The last year has been a period of incredible progress for Wellnex with multiple successful brand launches and agreements across a wide variety of superior health and wellness products.
“We are pleased to provide our shareholders with the opportunity to participate in this SPP by purchasing additional shares at a modestly discounted price without incurring brokerage or transaction costs.”
Wellnex appointed Reach Corporate as lead manager of the SPP.
The SPP will tentatively close on October 5, and results of the SPP is expected to release on October 12.
Shares in Wellnex ended the day down 8.33 per cent to close at 8.8 cents.
