Zoetic International PLC Subscription raises GBP6m, LDA financing cancelled (3306X)
May 04 2021 - 1:00AM
UK Regulatory
TIDMZOE
RNS Number : 3306X
Zoetic International PLC
04 May 2021
4 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
Zoetic International plc
('Zoetic' or the 'Company')
Subscription to raise GBP6 million, cancellation of financing
agreement and management change
Subscription
Zoetic, the international CBD group, is pleased to announce that
it has successfully raised GBP6,000,000 (before expenses) through
an oversubscribed subscription for 10,000,000 new ordinary shares
of 1 pence each ("Ordinary Shares") at a price of 60 pence per
Ordinary Share (the "New Shares") from a number of new and existing
shareholders (the "Subscription").
The net proceeds of the Subscription will be used to terminate
the financing agreement with LDA Capital and to: (i) continue the
US rollout of Chill products following the successful October 2020
launch; (ii) launch new product across the Group's core brands; and
(iii) to relaunch the Group's product websites.
An Application will be made to the London Stock Exchange for the
New Shares to be admitted to trading on the Main Market of the
London Stock Exchange and to the Standard Segment of the FCA
Official List ("Admission"). It is expected that Admission will
become effective and that dealings in the New Shares on the Main
Market of the London Stock Exchange will commence on or around 18
May 2021.
Subscribers for the New Shares will also be issued with warrants
on Admission to subscribe for new Ordinary Shares at 120 pence per
new Ordinary Share at any point in the three years from Admission
(the "Warrants") at a ratio of one Warrant per one New Share
subscribed for. As a result, a total of 10,000,000 Warrants are
being issued by Zoetic to the subscribers. The Warrants will not be
listed on any exchange.
On Admission, the Company will have 212,070,034 Ordinary Shares
in issue, each with one voting right. There are no shares held in
treasury. Therefore, the Company's total number of Ordinary Shares
and voting rights will be 212,070,034 and this figure may be used
by shareholders from Admission as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Termination of the financing agreement with LDA Capital
Concurrent with the Subscription, the Company has agreed with
LDA Capital Limited ("LDA Capital") the termination of the
Financing Agreement announced (and as defined) on 9 March 2021.
Pursuant to a settlement agreement dated 4 May 2021 (the
"Settlement Agreement") Zoetic will pay LDA Capital GBP1,200,000 to
terminate the Financing Agreement. Zoetic intends to make this
payment shortly after Admission.
Management change
Mr Paul Ferguson, the Company's Chief Financial Officer, will be
leaving the Company with immediate effect.
- Ends -
Publication on website
A copy of this announcement is also available on the Group's
website at www.zoeticinternational.com
Media enquiries:
Zoetic International plc c/o Buchanan
Trevor Taylor, Co-CEO
Antonio Russo, Co-CEO
Allenby Capital Limited (Financial
Adviser and Broker) +44 (0) 20 3328 5656
Nick Harriss/Nick Naylor (Corporate
Finance)
Kelly Gardiner (Equity Sales)
Buchanan
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7466
/ Ariadna Peretz 5000
zoetic@buchanan.uk.com www.buchanan.uk.com
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END
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