MMJ Share Purchase Plan raises $389,400

MMJ Group Holdings Limited (ASX: MMJ) (“MMJ” or “the Company”), an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain, today announced the completion of its Share Purchase Plan (“SPP”) pursuant to Share Purchase Plan Offer Booklet issued on 19 February 2020 with the Company receiving eligible subscriptions of $389,400 from 158 shareholders.

The net proceeds raised under the SPP will be primarily applied towards investment in existing and new cannabis and hemp businesses, operating expenses and other working capital purposes.

Board of Directors appreciates the support of its Shareholders during a period of challenging investment markets. MMJ is well capitalised with the flexibility to make follow-on investments in our current portfolio companies and to manage the timing of exits for some of our existing investments.

In accordance with the SPP Terms and Conditions, the Issue Price per SPP Share will be the higher of:

1. $0.08; and
2. 80% of the volume weighted average market price (VWAP) for Shares calculated over the 5 days on which sales in Shares are recorded prior to the day on which Shares under the SPP are issued,

(“Revised SPP Price”). As such the Issue Price will be advised on 2 April 2020.

MMJ confirms that all valid SPP Applications were accepted in full. The SPP Shares will be issued on 2 April 2020 and statements issued to successful applicants. Refunds for invalid SPP Applications will be made as soon as practicable after the Issue Date.

Read the full ASX Release here.