TIDMSEED
Seed Innovations Limited
27 July 2021
RNS REACH
Seed Innovations Ltd / AIM: SEED / Sector: Closed End
Investments
27 July 2021
SEED Innovations Limited ("SEED" or the "Company")
Investee Company Update: Yooma Wellness
SEED Innovations Limited, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses
with a focus on investing within the medical cannabis, health and
wellness space, is pleased to note the announcement by its
portfolio company, Yooma Wellness Inc. ('Yooma'), in which it holds
a 5.1% interest, that it has secured subscriptions for its latest
financing round of US$9.7 million (*) and will submit an
application for admission of its common shares to trading on the
AQSE Growth Market.
(*) Conditional upon admission to trading on the AQSE Growth
Market
The announcement by Yooma is set out below without material
changes or adjustments:
TORONTO, July 26, 2021 /PRNewswire/ - Yooma Wellness Inc.
("Yooma" or the "Company") (CSE: YOOM), a global vertically
integrated wellness platform that develops and markets a portfolio
of CBD and wellness brands, is pleased to announce it has secured
subscriptions for its latest financing round and will submit an
application for the admission of its common shares to trading on
the U.K.'s AQSE Growth Market ("AQSE"). The financing is expected
to be completed and trading to commence on August 10, 2021, at
which time Yooma's shares, which are already listed on the Canadian
Securities Exchange, will be dual-listed on the AQSE.
Yooma, together with its European deal coordinator, Chrystal
Capital Partners LLP, has raised gross proceeds of US$9.7 million,
or approximately GBP GBP7.1 million, through the placing of
13,504,301 Common Shares ("Placing Shares"), at a price of C$0.90
(GBP0.5232) per share (the "Placing Price"). Investors have also
been granted a half warrant for each Placing Share subscribed for
("Warrants") with each Warrant exercisable at a price of C$1.35
(GBP0.7849) per Common Share, and which expire on the third
anniversary of listing on the AQSE. In aggregate Yooma has granted
investors a total of 6,752,139 Warrants.
Yooma has also granted a single strategic investor ("Strategic
Investor") an option ("Option") to acquire 9,555,555 Common Shares
at the Placing Price, that will raise an additional GBP5 million
gross proceeds for the Company if exercised, which would bring the
total amount raised in the financing to US$16.6 million (GBP12.1
million). Subject to exercise of the Option, the Strategic Investor
will be granted 4,777,777 Warrants on the same basis as the other
investors. The Option has been granted to September 17, 2021, due
to delays in the Strategic Investor setting up its proposed holding
structure for the investment. The Company is however satisfied that
due diligence has been completed by such party and the additional
time will allow administrative arrangements to be completed prior
to an investment of GBP5 million.
In connection with the financing, Yooma will also pay aggregate
cash commissions of US$236,724 and grant 219,189 non-transferrable
warrants to certain eligible persons who provided finance and
investor introduction services in connection with the financing,
with an exercise price of C$0.90 per share and a term of two years
from the date of listing on the AQSE.
"We are pleased to be announcing this financing, including the
addition of many UK and European based shareholders, which will
allow Yooma to continue its rapid growth through strategic
acquisitions," said Lorne Abony, Chairman of Yooma. "Once the
Option has been exercised the financing will be oversubscribed,
which will accelerate Yooma's growth and quest to become a global
leader in the CBD and wellness space."
Yooma has also announced the appointment of Simon Dryan to the
board of directors. Mr. Dryan will join as an independent
non-executive director and brings over 35 years of UK industry
experience in investment banking and other financial-related
industries. Mr. Dryan was previously the head of the equity
division at Rock Investments, a large U.K. investment fund. He also
has over 25 years of experience in global equity markets, spending
time as the Director of European Equities at Merrill Lynch, as well
as holding positions at Smith NewCourt and Lehman Brothers.
Certain directors of Yooma will acquire Common Shares and
Warrants in the financing. Such participation will be considered a
"related party transaction" for the purposes of Multilateral
Instrument 61-101 Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company intends to rely on
the exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a), as the aggregate fair market value of the consideration
for the related party transaction, insofar as it involves
interested parties, does not exceed 25% of the issuer's market
capitalization. The Company did not file a material change report
in respect of the financing 21 days before the anticipated
completion of the financing, which the Company deems reasonable in
the circumstances in order to complete the financing expeditiously
and concurrently with the Company's anticipated listing on the
AQSE.
About Yooma Wellness Inc.
Yooma's mission is to build a vertically-integrated global
leader in the manufacturing, marketing, distribution, and sale of
wellness products including hemp seed oil and hemp-derived and
cannabinoid (CBD) ingredients. The company leverages strategically
curated sales channels and ecommerce networks to deliver a diverse
mix of wellness products through operating subsidiaries in the
United States, United Kingdom, France and Japan. Learn more at
www.yooma.ca .
Media Contact:
Michael Bancroft
Email: michaelbancroft@globalive.com
Issuer Contact:
Jordan Greenberg
Email: jgreenberg@yooma.ca
For further information on the Company please visit www.seedinnovations.co or contact:
-Ends -
Ed McDermott SEED Innovations Ltd Email: info@seedinnovations.co
/
Lance de Jersey
James Biddle Beaumont Cornish Limited, Tel: +44 (0) 207 628
/ Nomad 3396
Roland Cornish
-------------------------- -----------------------------------
Isabella Pierre Shard Capital Partners T: +44 (0)20 7186 9927
/ LLP
Damon Heath
-------------------------- -----------------------------------
Catherine Leftley St Brides Partners Email: info@stbridespartners.co.uk
/ Ltd,
Isabel de Salis Financial PR
-------------------------- -----------------------------------
Notes
SEED Innovations is an AIM quoted investment company focused
primarily on disruptive high growth life sciences and technology
businesses particularly within the medical cannabis arena. The
Company's strategy is to identify early stage opportunities that
have an upcoming investment catalyst and grow its portfolio in
terms of value whilst limiting the number of investee companies to
a level where relevant time can be devoted to each.
"
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