New Zealand-listed cannabis company Cannasouth has secured NZ$3.18m through a combination of a rights offer and an oversubscription bookbuild.
The rights offer, which closed on September 7, 2022, saw eligible shareholders take up approximately 5.06 million new shares, generating just under $1.52m in proceeds.
Shares that went unclaimed under the rights offer — including those belonging to ineligible shareholders — were then made available through an oversubscription bookbuild process.
Cannasouth set the price for shares issued under the bookbuild at $0.30, with close to 5.54 million new shares to be issued at that price, bringing in an additional $1.66m.
Managing director Mark Lucas said: "Cannasouth is committed to remaining nimble footed in the evolving, high-growth global medicinal cannabis sector.
"The landscape is changing rapidly and we will continue to seek opportunities to grow and add value for our shareholders, who have shown us great support in building the business to this point."
Settlement, allotment and trading of the new shares is expected to take place on or before September 14 under the company's existing ticker symbol 'CBD'.
