Perth, Dec 30, 2016 - (ABN Newswire) - MMJ PhytoTech Limited (ASX:MMJ) (the “Company”) advises in accordance with Listing Rule 3.10A, that the following securities will be released from escrow on Monday, 23 January 2017:
- 25,000,000 Fully Paid Ordinary Shares;
- 9,000,000 Class C Performance Rights;
- 9,000,000 Class D Performance Rights; and
- 2,500,000 Unlisted Class A Options ($0.20, 8 January 2018)
The above securities represent the final tranche of restricted securities on issue. The escrow period was initiated upon the successful listing and official quotation of the securities of the Company on 22 January 2015 for a period of 24 months.
The Company will apply for the quotation of the 25,000,000 Fully Paid Ordinary Shares within 10 business days after the end of the escrow period as required by Listing Rule 2.8.2.
The Company further notes that due to its enhanced strategic focus on the rapidly growing Canadian medical and recreational cannabis markets, it is unlikely that the performance milestones attaching to the remaining Class C and D Performance Rights on issue will be achieved prior to their expiry dates of 21 January 2018 and 21 January 2019, respectively. The Company therefore expects that these Performance Rights will lapse in due course.
About: MMJ PhytoTech Ltd
MMJ PhytoTech Limited (ASX:MMJ) is focused on becoming a large-scale cannabis producer, targeting direct supply to the growing Canadian medical and recreational markets which will have an estimated combined value of C$8-9 billion by 2024. The Company controls operations across the entire medicinal cannabis value chain through three business units, strategically located in favourable jurisdictions with supportive regulatory frameworks in place.
United Greeneries Holding Ltd. has established world-class growing facilities in Canada, including the fully licensed Duncan Facility. MMJ is the first Australian-based company to receive a Canadian medicinal cannabis cultivation licence, and one of only a few companies globally with the capacity to commercially cultivate medicinal grade cannabis in a federally regulated environment.
The Company’s European, cannabis-based, pharmaceutical, nutraceutical and cosmetics division operates under its 100% owned subsidiary, Satipharm AG. MMJ began production of its Gelpell ® Microgel Capsules in May 2015, and is committed to boosting the sales of its flagship product throughout regulated markets globally.
MMJ’s Israel-based subsidiary, PhytoTech Therapeutics Ltd, is responsible for the Company’s R&D activities, with a key focus on the development and commercialisation of new and existing delivery systems and devices that have the potential to deliver safe, effective and measured doses of medicinal cannabis to patients.
