Zoetic International PLC Subscription to raise £0.39 million (6848C)
February 12 2020 - 2:00AM
UK Regulatory
TIDMZOE
RNS Number : 6848C
Zoetic International PLC
12 February 2020
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
12 February 2020
Zoetic International plc
("Zoetic" or the "Company")
Subscription to raise GBP0.39 million for the Company
Zoetic, the London listed vertically integrated CBD company, is
pleased to announce that it has raised GBP387,000 through a
subscription for GBP330,000 of convertible loan notes (the "Loan
Notes") and 950,000 ordinary shares of 1 pence each ("Ordinary
Shares") at a price of 6 pence per Ordinary Share (the
"Subscription Shares") by an individual, Mr John Story (together,
the "Subscription").
The proceeds of the Subscription will be applied primarily to
accelerate the contract manufacturing of Zoetic's products in the
US. As the Company announced on 5 February 2020, subject to
concluding a successful trial with the contract manufacturers in
the coming weeks, Zoetic is targeting entering into supply
contracts with two major distributors with the aim of supplying
initial stores in their network by the Spring of 2020.
The Loan Notes are non-transferable, unsecured and convertible
into new ordinary shares in Zoetic at a conversion price of 6 pence
per Ordinary Share at any time during the Company's next financial
year, being 1 April 2020 to 31 March 2021 when they mature.
Conversion may take place in part or in whole. Prior to conversion
or repayment, the Loan Notes carry an interest coupon of 7% per
annum payable on 31 March and 30 September. Interest is paid in
cash and there is no right to convert accrued interest.
The Subscription Shares comprise the 950,000 shares currently
held by the Company in treasury. Following completion of the
Subscription, the Subscription Shares will rank pari passu in all
respects with the existing Ordinary Shares in issue, including the
right to receive all dividends and other distributions declared,
and the total number of Ordinary Shares in Zoetic with voting
rights will be 149,110,034. This figure may be used by Zoetic
shareholders as the denominator for calculations to determine if
they have a notifiable interest in Zoetic under the Disclosure
Guidance and Transparency Rules, or if such interest has
changed.
Nick Tulloch, Chief Executive of Zoetic, said:
"I am delighted to welcome John Story as an investor in Zoetic.
Taking his investment in shares and loan notes together, he is
becoming one of our largest stakeholders and, in addition to his
financial investment, he has already been willing to assist our
business development by introducing us to certain retail stores in
the UK.
"With Mr Story's support, we are able to accelerate the plans we
outlined in our trading update last week. We have an exciting
opportunity with AATAC and New Age Beverage Corporation to
significantly expand our sales of Chill products in the US. The key
to securing these contracts is to successfully outsource bulk
manufacturing and the new funds give us the ability to progress our
plans immediately."
**ENDS**
Enquiries
Zoetic International plc +44 (0) 1738 472 029
Nick Tulloch
Allenby Capital Limited (Financial Adviser and Broker) +44 (0)
20 3328 5656
Nick Harriss
Nicholas Malins Smith
Nick Naylor
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe
Graham Herring
Florence Chandler
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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