2nd Dec 2019 17:23
(Alliance News) - Spinnaker Opportunities PLC said Monday it has conditionally agreed to buy the entire issued share capital of Israeli medical cannabis oil company Kanabo Research Ltd.
Spinnaker first announced the reverse take over of Kanabo in February. Shares in the company in London have been suspended since then.
The investment company did not disclose the value of the reverse takeover, but said the acquisition will be paid for with new shares in the company.
Spinnaker has also agreed to advance GBP200,000 to Kanabo to provide additional working capital to support sales growth.
Back in July, Spinnaker announced a contractual investment commitment for up to GBP1.4 million from an undisclosed single professional investor.
Andy Morrison, chair, said: "We are delighted to reach the important milestone of execution of the SPA and therefore pleased to support Kanabo to build sales."
"The additional funding will assist the enlarged group and allow them to hit the ground running after completion," Morrison said.
By Loreta Juodagalvyte; [email protected]
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