Sydney, Feb 17, 2020 AEST (ABN Newswire) - Cann Global Ltd (ASX:CGB) is pleased to advise that the Company has agreed to place 34 million new fully paid ordinary shares (New Shares) to institutional and sophisticated investors led by New York-based Sea Otter Global (Sea Otter).
Placement proceeds of $418,880 (before costs) will be applied towards furtherance of CGB's projects and working capital. An ASX Appendix 3B has been lodged together with this announcement.
Commenting on the placement, CGB's Managing Director Sholom Feldman said: "We are delighted to welcome Sea Otter to the Company's register and consider this investment to be a further institutional endorsement of CGB's strategy and prospects"
About Cann Global Limited
Cann Global Limited's (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.
Cann Global Ltd has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.
The Group also retains an interest in its existing Bauxite Projects.