Celadon Pharmaceuticals, a West Midlands business focused on the research, cultivation, manufacturing, and sale of cannabis-based medicines, has raised more than £1m through a placing. The listed company has also secured a strategic collaboration with a Danish pharmaceutical firm and licensed producer of medicinal cannabis.
A total of £1.05m has been raised through a placing of 2,625,000 new ordinary shares of 1 pence each in the company.
The new ordinary shares will be issued at a price of 40 pence per share, which represents a discount of approximately 23.8 percent to the previous day's closing price of 52.5 pence per share on 10 September 2024
Global Investment Strategy UK undertook the placing for which it will receive a cash fee based on the amount raised and warrants more than 131,250 new ordinary shares, which can be exercised until 10 September 2027, with an exercise price of 40 pence per share.
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