MMJ PhytoTech Ltd (ASX:MMJ) Announces Harvest One Closes C$25M Placement

MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Canadian-based Harvest One Capital Corp. (CVE:WON.H) ("Harvest One") has closed the previously reported (January 27, 2017) private placement ("the Placement"), raising C$25,000,500 before costs. Pursuant to the Placement, Harvest One issued 33,334,000 Subscription Receipts at a price of C$0.75.

The Subscription Receipts were sold on a private placement basis through a syndicate of agents led by Mackie Research Capital Corporation (the "Lead Agent") and including Canaccord Genuity Corp., Eight Capital and GMP Securities L.P. (the "Agents"). The Agents exercised in full their option to purchase an additional 4,000,000 Subscription Receipts for additional gross proceeds of $3,000,000.

Funds received from the Placement will be used to finalise the acquisition of the MMJ's core cannabis subsidiaries United Greeneries Holdings Ltd ("UG") and Satipharm AG ("Satipharm") respectively. Post transaction, MMJ shareholders will have a 60% ownership in Harvest One - a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.

A full copy of the announcement released by Harvest One on the Toronto Venture Exchange, outlining full details of the Placement has been provided (see link below).

MMJ PhytoTech's Managing Director, Andreas Gedeon, commented:

"We are very pleased with the robust level of support received to date from the Canadian investment community, as it further validates the Company's strategy to list its core cannabis brands on the TSX-V.

Following completion of the Harvest One transaction, MMJ's shareholders will have direct exposure to one of the fastest growing cannabis markets globally, providing leverage to the significant investor demand for cannabis related equities in the Canadian capital market.

We look forward to providing our shareholders with further corporate and operational updates in the near-term."

To view the full MMJ release including Harvest One announcement, please visit:
http://abnnewswire.net/lnk/Z91JY0Y4


About MMJ Group Holdings Ltd

MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: http://www.mmjphytotech.com.au/investors/

   

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