MMJ PhytoTech Appoints Lead Manager For TSX-V Capital Raising
11/14/2016 10:05:56 AM
Perth, Nov 14, 2016 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Canadian-based Mackie Research Capital Corporation ("Mackie Research") has been appointed as lead manager for the equity financing ("Financing") component of the Company's proposed TSX-V listing ("the Transaction").
MMJ has entered into a binding Term Sheet with Canadian-based Harvest One Capital Corp. ("Harvest One") (CVE:WON.H) for the sale to Harvest One of 100% of the issued shares of United Greeneries Holdings Ltd ("UG") and Satipharm AG ("Satipharm") respectively.
Under the terms of the agreement, Harvest One will undertake an equity financing to raise up to C$15,000,000 through the issue of shares at C$0.75 each. Post spin out, MMJ shareholders will have an indirect ownership in a fully-financed cannabis company ("New Entity") with two core brands operating in one of the fastest growing cannabis markets globally.
Mackie Research's extensive network of institutional and retail investors, along with the highly experienced principals behind Harvest One, will play a key role in the successful execution of the Transaction.
MMJ will provide its shareholders with additional updates on the progress of the TSX-V transaction in due course.
About: MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is a Medical Cannabis company, which aims to commercialise Medical Grade Cannabis (MGC) and high potential cannabis based therapeutics products to the rapidly growing international market with regulated medical cannabis laws. The Company operates three subsidiaries with operations across the entire Medical Cannabis value chain, encompassing the Company's "Farm to Pharma" strategy.
It's United Greeneries subsidiary has growing facilities in Canada and is fully integrated with Agrichem Analytical, its quality control and testing laboratory. Satipharm has a number of key international distribution partnerships for the distribution of cannabinoid-based pharmaceutical, nutraceutical and wellness products.
Through its PhytoTech Therapeutics subsidiary in Israel the Company has an exclusive research and licensing agreement with Yissum, the prestigious Research Development and technology transfer Company of Hebrew University in Jerusalem, Israel, a global leader in medical cannabis research.
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