Celadon Pharmaceuticals, a UK-based pharmaceutical company specializing in cannabis-based medicines, has announced its intention to raise £1 million ($1.2 million) through a discounted share placing and subscription. The company plans to utilize the funds as additional working capital.
Share Placement and Subscription
Celadon Pharmaceuticals will issue 800,000 new ordinary shares at a price of 125 pence, representing a 2.3% discount to Thursday's closing price of 128 pence. This move has been prompted by investor interest and aims to secure further funding for the company's growth.
Convertible Loan Notes and Future Funding
In addition to the share placement and subscription, Celadon Pharmaceuticals is exploring the possibility of raising funds through convertible loan notes (CLN). The company has already received expressions of interest from potential investors.
The proceeds from the CLN financing will be used to support additional working capital and the development of Celadon's production facility in Midlands, England.
Accelerating Expansion Plans
Chief Executive James Short expressed the company's intention to utilize the funds raised through CLN to expedite Phase 2 of their U.K. based indoor hydroponic cultivation facility. By doing so, Celadon Pharmaceuticals aims to enhance its production capabilities significantly.
For more information, please contact Celadon Pharmaceuticals directly.