16th Mar 2023 16:57
(Alliance News) - Chill Brands Group PLC on Thursday said it raised GBP560,000 following receipt of an unsolicited officer from an unnamed financial institution.
The Grand Junction, Colorado-based CBD products company said the financial institution subscribed for 16 million new shares at a price of 3.50 pence each, representing a 13% discount to Wednesday's closing price of 4.00p.
Shares in Chill Brands were up 4.3% to 4.17p each in London on Thursday afternoon.
It said the funds will be deployed to expand the marketing and distribution of the company's new range of nicotine-free disposable vapour products.
The funds will also be used to establish new systems that will "better facilitate the onboarding and management of new products joining the Chill.com product marketplace" following strong demand from third-party brands, Chill Brands said.
The new shares will be admitted for trading on the Main Market of the London Stock Exchange from Wednesday next week.
By Greg Rosenvinge, Alliance News reporter
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