16 October 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: EMMAC raised £15 million through issue of convertible loan notes
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, notes the following announcement released on 16 October 2019 concerning investee company EMMAC Life Sciences Limited ("EMMAC"). FastForward has a 2.3% interest in the issued stock of EMMAC.
The convertible note is convertible at a 20% discount to the price of the next eligible fundraise by EMMAC capped at £0.50 per share. At a conversion price of £0.50 per share, EMMAC has an implied value of greater than £150 million. Following FFWD's investment in March 2019 the implied value of EMMAC was £77 million (post-investment).
The announcement is set out below without material changes or adjustments.
EMMAC Life Sciences Group
('EMMAC' or the 'Group')
£15 million raised via successful issue of convertible notes
16 October 2019, London. EMMAC Life Sciences Group, Europe's leading independent cannabis company, is pleased to announce that it has raised £15 million via an issue of Convertible Loan Notes (the 'CLN Issue'). The CLN Issue saw funds coming from a range of new and existing private and institutional investors based in Europe, North America, Asia and Australia. The proceeds from the Placing will be used by EMMAC to further establish its position as Europe's leading independent cannabis company.
In addition to the initial seed capital of £2 million, EMMAC raised a further £6 million in January 2019, followed by £11 million in March 2019 and with this latest CLN Issue, it provides a combined total of £34 million of funds raised by the Group in the last twelve months. The CLN Issue provides for notes to be converted to ordinary shares at a price of up to £0.50 per share giving EMMAC an implied value in excess of £150 million.
Antonio Costanzo, CEO of EMMAC, said: "We are delighted to have seen such significant demand for our latest fundraising, with almost two thirds of the funds coming from new institutional investors. The strong reception that we have received has been extremely encouraging and bodes well for the future of EMMAC. We are not aware of any other UK private medical cannabis company that has raised this quantum of funds to date and we believe that it is testament to EMMAC's strategy, strength of management team, and our market leading position. I would personally like to welcome all of our new investors as well as thank our existing shareholders for their continued support.
"2019 has been an extremely busy year for EMMAC as we have executed our strategy to build a strong position in Europe in the medical cannabis and wellness markets, with operations in eight countries. We now have an established presence in all aspects of the cannabis supply chain and are well placed to meet the rapidly growing demands of the market, driven by regulatory change and consumer demand."
EMMAC Life Sciences Group is Europe's leading independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMAC's vision is to bring the life-enhancing potential of cannabis to the people who need it.
For scientific enquiries please contact [email protected]
For general enquiries please contact [email protected] or visit www.emmac.com
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance de Jersey
FastForward Innovations Ltd
Email: [email protected]
James Biddle / Roland Cornish
Beaumont Cornish Limited,
Tel: +44 (0) 207 628 3396
Optiva Securities Limited,
Tel: +44 (0) 203 411 1881
St Brides Partners Ltd,
Tel: +44 (0)207 236 1177