TIDMFPP
RNS Number : 2965E
Fragrant Prosperity Holdings Ltd
06 July 2021
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Fragrant Prosperity Holdings Limited
("FPP" or the "Company")
Update on Intended Acquisition
CiiTECH completes GBP2.1 million capital raise via an issue of
convertible loan notes ahead of Reverse Takeover
Further to its statement on 24 May 2021, the Company is
delighted to announce that CiiTECH Limited, ("CiiTECH") has
successfully raised GBP2.1 million through the issue of Convertible
Loan Notes, (the "CLNs") to FastForward Innovations Ltd, (AIM:
FFWD) and other investors, including professional family offices
and ultra-high-net-worth individuals.
The capital will be used to fund CiiTECH's marketing strategy,
invest in new talent, build essential operational infrastructure to
support future growth and finance the planned reverse takeover of
the Company, (the "RTO" or "Intended Acquisition").
Chrystal Capital Partners LLP, Europe's leading cannabis
corporate finance and investment house acted as exclusive financial
adviser to CiiTECH.
Clifton Flack, Founder and CEO of CiiTECH, said:
"We are pleased with the strong interest in this fundraise,
which enables us to continue implementing our aggressive growth
strategy. We are grateful to all investors supporting our
fundraising efforts and look forward to completing the RTO of FPP
and becoming a listed business.
"We would like to thank Chrystal Capital Partners LLP, who acted
as our exclusive financial adviser, for playing a critical role in
not only raising the capital but also finding an optimal capital
markets partner in Fragrant Prosperity.
"Our Science-led approach focuses on identifying clear product
needs in our chosen territories and then sourcing solutions for
these new markets. We are pursuing a number of exciting
opportunities, including rolling out our CBD wellness brand
portfolio in Israel and South Africa, whilst implementing our
medical cannabis strategy through a number of global supply chain
partnerships.
"Our consumer cannabis brands are soon to be supported with the
launch of our 'Cannabis Healthcare Education Course' that is being
rolled out as part of our localised and segmented B2B marketing
strategy."
The CLNs
The CLNs will convert into ordinary shares in the capital of
CiiTECH which will be acquired by the Company upon completion of
the acquisition of CiiTECH's existing issued share capital.
The consideration for the Intended Acquisition will be satisfied
by the issue of ordinary shares in the capital of FPP
("Consideration Shares") to the CiiTECH Shareholders (including the
CLN holders).
The Company intends to apply for the admission of its ordinary
share capital as enlarged by the acquisition of CiiTECH to the
Standard Segment of the Official List and to trading on the Main
Market of the London Stock Exchange.
The Intended Acquisition is conditional upon the approval of the
Company's shareholders to a change of name of the Company to
'CiiTECH Group Limited' and to the authorities required under BVI
law to enable the directors of the Company to issue and allot the
Consideration Shares.
Shareholders should be aware that there is a possibility that
the Intended Acquisition will not proceed or that the terms may
change depending upon the outcome of due diligence. The Company
will provide further updates on the Intended Acquisition in due
course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement this information is considered to
be in the public domain.
- Ends -
Enquiries
Fragrant Prosperity Holdings Limited
Simon Retter +44 (0)20 3137
Craig Marshak 1902
CiiTECH Limited
Clifton Flack, Founder and CEO
Steve Graubert, CFO
c/o Montfort Communications
Chrystal Capital LLP - Financial Adviser to
CiiTECH Limited +44 (0)79 9013
Tristan Gervais 9093
Optiva Securities - Broker to FPP +44 (0)20 3137
Vishal Balasingham 1903
Montfort Communications - Adviser to CiiTECH +44 (0)77 3970
Limited 1634
Nick Miles +44 (0)78 1234
Olly Scott 5205
About CiiTECH
CiiTECH has generated over GBP7.0 million in revenue since its
inception in 2017, with its flagship brand Provacan. The business
has a strong pipeline of additional brands, including Impact and
Hugg. Expansion into new high-growth markets, such as Brazil and
South Africa, is complimented by exciting research partnerships
with leading academic institutions.
CiiTECH is a brand-building, consumer focused company dedicated
to ongoing cannabis research and the commercialisation of cannabis
products. It uses its partnerships with leading institutions and
scientists to create niche consumer brands. The company continually
innovates as it strives to create the best science-led brands in
the cannabis sector. CiiTECH is currently funding a range of
clinical studies aimed at unraveling the large range of minor
cannabinoids, bringing better understanding and more effective
products to market.
For more information about CiiTECH, please visit
https://www.ciitech.co.il
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END
ACQEAXXKEEDFEEA
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July 06, 2021 03:04 ET (07:04 GMT)
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