Hellenic Dynamics PLC Placing & Issue of Equity

RNS Number : 5910N

Hellenic Dynamics PLC

08 May 2024

 

 8 May 2024

 

Hellenic Dynamics plc

 

("Hellenic Dynamics" or the "Company")

 

 

Placing & Issue of Equity

 

 

London 8 May 2024: Hellenic Dynamics plc (LSE: HELD), a medical cannabis cultivator with a dedicated focus on producing tetrahydrocannabinol ("THC") dominant strains of medical cannabis flowers for the fast-growing global medical cannabis markets, announces that Peterhouse Capital Limited ("Peterhouse"), the Company's corporate broker, has raised gross proceeds of £217,000 via the issue of 10,850,000 new ordinary shares of 0.1 pence ("Placing Shares") at a price of 2 pence (£0.02) ("Placing Price") (the "Placing"). The Placing was done at a discount of less than 5% to the closing bid price on 7 May 2024.

 

The proceeds of the Placing will be used for general working capital purposes up until the €1 million loan facility, announced by the Company on 22 April 2024, is received by the Company, which is expected to occur during mid-June 2024.

 

Admission and Total Voting Rights

 

Applications have been made to the Financial Conduct Authority ("FCA") and the London Stock Exchange Group Plc ("LSE") for the admission to the Official List of the FCA and to trading on the Main Market of the LSE respectively, of the 10,850,000 Placing Shares in respect of the Placing. It is expected that the Placing Shares will be admitted to trading and dealings will commence on the LSE on or around 14 May 2024 ("Admission"). The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares of 0.1 pence each, currently traded on the Main Market of the London Stock Exchange.

 

Following Admission, the Company's issued share capital will comprise 142,543,818 ordinary shares of 0.1 pence each. The figure 142,543,818 will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

 

The Directors of the Company take responsibility for this announcement.

 

Enquires: 

 

Hellenic Dynamics plc	[phone]
Davinder Rai	[e-mail]
Cairn Financial Advisers LLP	[phone]
Emily Staples / Jo Turner
Peterhouse Capital	[phone]
Lucy Williams / Charles Goodfellow

 

About Hellenic Dynamics plc

 
Founded in 2019, Hellenic Dynamics is specifically focused on the cultivation and supply of THC ("tetrahydrocannabinol") - dominant strains of medical cannabis flowers, destined for the growing global medical cannabis markets. Hellenic Dynamics' core strategy is to develop and operate its 40,000 square metre active cultivation licence from its 195,506 square metre facility located near Thessaloniki in Northern Greece. In full production, Hellenic Dynamics is capable of producing over 54,000 kg of dried flowers per annum.
 
Hellenic Dynamics will take advantage of its relatively low cost base resulting from a comparatively low cost of power, having its own running water supply and the labour rates for skilled and semi-skilled labour in Northern Greece.
 
26 European countries now allow medical cannabis via prescription and the European cannabis market is expected to reach €17.39 billion per annum by 2028. Sales of Hellenic Dynamics' dried THC-dominant cannabis flowers and extracts are initially intended for export into Europe, in addition to other international markets and domestically in Greece.

 
As the first medical cannabis cultivator to obtain a listing on the main market for listed securities of the London Stock Exchange, Hellenic is significantly different to the number of CBD (Cannabidiol) related companies that have appeared over the recent years. Hellenic Dynamics cultivates THC-dominant medical cannabis flowers. THC-dominant medical cannabis products are only available via a medical prescription. Medicinal cannabis has been approved for use both in the United Kingdom and Germany, plus 24 other European countries, for conditions including but not limited to chronic pain, intractable chemotherapy-related nausea, anxiety, insomnia, Tourette's syndrome, substance use disorder, multiple sclerosis, IBS, spinal cord treatment, lack of appetite due to HIV/AIDS, cachexia, anorexia and glaucoma.

For further information please visit our website www.hellenicdynamics.com  

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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