Spinnaker Opportunities PLC Expiry of Investment Commitment (5805H)
March 25 2020 - 8:59AM
UK Regulatory
TIDMSOP
RNS Number : 5805H
Spinnaker Opportunities PLC
25 March 2020
25 March 2020
Spinnaker Opportunities plc
("Spinnaker" or the "Company")
Expiry of Investment Commitment
On 19 June 2019 Spinnaker announced the terms of a contractual
investment commitment, via Peterhouse Capital Limited, for a
maximum of GBP1.4 million (the "Investment Commitment") from a
single professional investor, conditional on the completion of the
Proposed Acquisition of Kanabo Research Ltd and admission to
trading by an agreed long-stop date.
The Investment Commitment was extended by agreement with the
investor, while the Company has been awaiting regulatory clearance
to proceed with the transaction.
The investor has notified the Company that it will not extend
the long-stop date beyond its current expiry on 31 March 2020, and
therefore the Investment Commitment will fall away on that
date.
Commenting on the developments, Andy Morrison, Chairman of
Spinnaker said:
"We would like to express our appreciation to the investor for
their commitment since the arrangement was agreed in July 2019. The
decision by the investor is not surprising in the current market
environment and both the Company and the investor remain open to
resuming discussions as and when conditions improve."
For further information, please visit
http://www.spinnakeropportunities.uk/ or contact the following:
Peterhouse Capital (Financial Adviser and Joint Broker)
Tel: +44 (0)20 7469 0930
Guy Miller/ Lucy Williams / Eran Zucker
SI Capital (Joint Broker)
Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038
Nick Emerson / Greg Mahoney
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3224
Camilla Horsfall / Megan Ray
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Notes to Editors
Kanabo is an Israel based company, that believes that by
creating a holistic ecosystem that works together in synergy, it
can create a new standard in the medical Cannabis industry and
improve the well-being of millions around the world. Kanabo will
focus on the distribution of Cannabis-derived products for medical
patients, and THC-free CBD products for consumers. Kanabo has
conducted extensive R&D in order to develop high-quality
Cannabis extract formulas, innovative medical-grade vaporizers, and
various non-smoking consumption solutions - making it easy and
accessible for anyone in need of treatment. Research and validation
activities, including safety and efficiency tests, are conducted in
the company's research centre in Israel.
Kanabo is currently undertaking a pilot sales scheme to measure
key performance indicators in relation to the sale of its range of
THC-free CBD products. It is ready to scale up to meet market
demands and projected sales and revenues and to grow the Kanabo
brand through its marketing initiatives.
Kanabo's future long-term strategy involves continued research
and development activities to develop a range of Unlicensed Medical
Cannabis Oils, which will be sold alongside its vaporisation
device, the VapePod Medical. It is intended that medicinal products
will be sold as unlicensed medicines in the UK and Germany.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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