Zelira Therapeutics Ltd’s (ASX:ZLD) (OTCMKTS:ZLDAF) placement of 175 million shares at A$0.05 per share has been strongly oversubscribed by new and existing investors, raising A$8.75 million.
Managed by Morgan’s Corporate Ltd, the placement received firm bids exceeding twice the intended amount and is set to increase the company’s cash position to around A$10.35 million, before costs.
Funds will be used to accelerate Zelira’s plans to launch multiple products into global markets and to advance its planned clinical programs.
“Delighted to welcome new investors”
Managing director Dr Richard Hopkins said: “The placement was strongly supported by existing and new investors both domestically and in the United States.
“We are delighted to welcome new sophisticated and institutional investors to our register and appreciate the ongoing support from our existing shareholders.
“We would also like to thank Morgans for completing the successful placement.”
Well-funded
The company is well-funded to leverage its unique ‘Launch, Learn and Develop’ model to launch products, generate revenues and progress development of clinically validated medicines.
Settlement is expected to occur on August 10 with the shares to be issued shortly thereafter.
Zelira Therapeutics is a leading global therapeutic medical cannabis company with access to the world’s largest and fastest-growing cannabis markets.
The company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets from 2020.
Zelira is focused on developing branded cannabis products for the treatment of a variety of medical conditions.
