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    Home»Cannabis»Latest Developments in the Corporate Sector
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    Latest Developments in the Corporate Sector

    Alexander LeeBy Alexander LeeAugust 17, 2024Updated:August 17, 2024No Comments2 Mins Read
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    Melodiol Global Health Limited (ASX:ME1) is pleased to announce the successful raising of $1.1m in new capital through a combination of equity placement and loan funding. This achievement follows the group’s unaudited H1 2024 revenues of $9.3m, marking a significant 33% increase from H1 2023.

    The equity placement involves firm commitments to raise approximately $530,000 through the issuance of 181,683,449 new shares at a price of $0.00292 per share. Additionally, participants in the placement will receive one free attaching option (“New Option”) for each share issued, with a term of 5 years and a strike price of $0.005.

    During the company’s Annual General Meeting in May 2024, shareholder approval was obtained to conduct placements of shares to raise up to $3m at a 30.00% discount to the 10-day volume weighted average price. It was noted that further capital will be required, and the company is exploring various sources including debt funding, additional capital raising activities, and divestment of core assets.

    Simultaneously with the equity placement, the company has drawn down $600,000 from a $2,000,000 LTC loan facility approved by shareholders at the AGM. The loan accrues interest at a rate of 20% per annum and may be converted at a 30% discount to the company’s 20-day VWAP.

    Oakley Capital Partners Pty Ltd acted as the lead manager for the placement, earning a 6% cash fee and receiving broker shares and New Options. CEO and Managing Director, Mr. William Lay expressed gratitude for the investor support and highlighted the company’s strong revenue performance and ongoing strategic initiatives. Further updates are expected in the future.

    This article features content from Melodiol Global Health and does not constitute financial product advice. Readers are advised to conduct proper due diligence before making any investment decisions.

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    Alexander Lee
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    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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