Cann Group secures $712,000 to boost MMJ Production

Cann Group Limited has received firm commitments to raise $711,902 at 1.7 cents per share in a well-supported private placement to new and existing sophisticated investors.

Placement details
The Placement sought to raise $711,902 via the issue of 41,876,573 fully paid ordinary shares at an issue price of 1.7 cents per share. The Placement Shares will be issued under the Company's existing ASX Listing Rule 7.1 capacity and will rank pari passu with the Company's existing fully paid ordinary shares.

The Offer Price of 1.7 cents per share represents a 37.0% discount to the most recent closing share price on 3rd April 2025, and a 35.8% discount to the 30-day VWAP.

In addition to the Placement Shares, participants in the Placement will also receive one attaching "Placement Option" for every share subscribed for. The options will have an exercise price of 3 cents per share, and an expiry date of 24 months from the date of issue. The Placement Options are subject to shareholder approval. The Company will be convening a General Meeting of shareholders for the purpose of approving the Placement Options and ratifying any relevant prior issue of shares in the coming weeks.