‘Oversubscribed placing with institutional investment from across Europe, North America, Asia and Australia’
8 March 2019, London. EMMAC Life Sciences Limited, the European independent medical cannabis company, is pleased to announce that the Company has raised £11 million via a successful private placing (the ‘Placing’) providing the Company with a post money valuation of £77 million. The Placing was over-subscribed with funds coming from private and institutional investors in Europe, North America, Asia and Australia. The proceeds from the Placing will be used by EMMAC to complete a number of strategic acquisitions as well as to further research collaboration designed to shape the future of medical cannabis therapeutics. The Company raised £6 million in January 2019 giving a combined total of £17 million of funds raised to date in 2019.
Antonio Costanzo, CEO of EMMAC, said: “We are pleased to have seen such significant demand for our private placing round, particularly with the number of institutional investors. We are committed to establishing ourselves as the leading European medical cannabis company. With this funding round now successfully completed, we are not only well capitalised to complete the next stage of our corporate development but also well placed to meet the rapidly growing demands of the market, led by regulatory change and the increasing pressure for access to premium medical cannabis product.”
Emmac Life Sciences is the European medical cannabis company, working to join together the latest science and research with cutting-edge cultivation, extraction and production. With supply and distribution partnerships throughout Europe, EMMAC is working to establish itself as both a thought leader in the industry, as well as the European leader in the production and supply of medical cannabis, hemp and other derivative products.
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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 Emmac Life Sciences. There can be no assurance that such statements will prove to be accurate, achievable or recognisable 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. Emmac Life Sciences assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.