FastForward Innovations Limited Investee Company Update: EMMAC Life Sciences (9913P)
16 Octubre 2019 - 01:00AM
UK Regulatory
TIDMFFWD
RNS Number : 9913P
FastForward Innovations Limited
16 October 2019
16 October 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: EMMAC raised GBP15 million through
issue of convertible loan notes
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
notes the following announcement released on 16 October 2019
concerning investee company EMMAC Life Sciences Limited ("EMMAC").
FastForward has a 2.3% interest in the issued stock of EMMAC.
The convertible note is convertible at a 20% discount to the
price of the next eligible fundraise by EMMAC capped at GBP0.50 per
share. At a conversion price of GBP0.50 per share, EMMAC has an
implied value of greater than GBP150 million. Following FFWD's
investment in March 2019 the implied value of EMMAC was GBP77
million (post-investment).
The announcement is set out below without material changes or
adjustments.
EMMAC Life Sciences Group
('EMMAC' or the 'Group')
GBP15 million raised via successful issue of convertible
notes
16 October 2019, London. EMMAC Life Sciences Group, Europe's
leading independent cannabis company, is pleased to announce that
it has raised GBP15 million via an issue of Convertible Loan Notes
(the 'CLN Issue'). The CLN Issue saw funds coming from a range of
new and existing private and institutional investors based in
Europe, North America, Asia and Australia. The proceeds from the
Placing will be used by EMMAC to further establish its position as
Europe's leading independent cannabis company.
In addition to the initial seed capital of GBP2 million, EMMAC
raised a further GBP6 million in January 2019, followed by GBP11
million in March 2019 and with this latest CLN Issue, it provides a
combined total of GBP34 million of funds raised by the Group in the
last twelve months. The CLN Issue provides for notes to be
converted to ordinary shares at a price of up to GBP0.50 per share
giving EMMAC an implied value in excess of GBP150 million.
Antonio Costanzo, CEO of EMMAC, said: "We are delighted to have
seen such significant demand for our latest fundraising, with
almost two thirds of the funds coming from new institutional
investors. The strong reception that we have received has been
extremely encouraging and bodes well for the future of EMMAC. We
are not aware of any other UK private medical cannabis company that
has raised this quantum of funds to date and we believe that it is
testament to EMMAC's strategy, strength of management team, and our
market leading position. I would personally like to welcome all of
our new investors as well as thank our existing shareholders for
their continued support.
"2019 has been an extremely busy year for EMMAC as we have
executed our strategy to build a strong position in Europe in the
medical cannabis and wellness markets, with operations in eight
countries. We now have an established presence in all aspects of
the cannabis supply chain and are well placed to meet the rapidly
growing demands of the market, driven by regulatory change and
consumer demand."
About EMMAC
EMMAC Life Sciences Group is Europe's leading independent
cannabis company, bringing together pioneering science and research
with cutting-edge cultivation, extraction and production. With a
unique supply and distribution network throughout Europe, EMMAC's
vision is to bring the life-enhancing potential of cannabis to the
people who need it.
Contact:
For scientific enquiries please contact research@emmac.com
For general enquiries please contact info@emmac.com or visit
www.emmac.com
*** ENDS***
Miscellaneous
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
ENDS
For further information on the Company please visit
www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
------------------------ ----------------------
Graham Dickson Optiva Securities Tel: +44 (0) 203
Limited, 411 1881
Broker
------------------------ ----------------------
Megan Dennison St Brides Partners Tel: +44 (0)207
Ltd, 236 1177
Financial PR
------------------------ ----------------------
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END
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