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FastForward Innovations makes further investment in EMMAC Life Sciences
StockMarketWire.com
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Early state investor FastForward Innovations said it had received £750,000 of 12 month convertible loan notes from EMMAC Life Sciences as part of a funding round by the latter to raise £15 million through an unsecured convertible loan note offering.
The funds raised through the issue of the CLNs would enable EMMAC to continue growing its cannabis business.
'Growth in EMMAC's key European markets including the UK continues to gain momentum as demand for medical cannabis and related wellness products grows,' the company said.
FastForward currently gad a 2.3% interest in EMMAC with the last reported valuation of this holding as at 31 March 2020 of £2.4 million.
The CLN, attracting a 9% coupon per annum during the term, can be converted to ordinary shares in EMMAC at any time prior to 31 October 2021 at a price of which was either the lower of 20% discount to the issue price per share under an eligible fundraise/liquidity event or £0.24.
In the event there is no eligible fundraise or liquidity event prior to the maturity date, the CLN can be converted at a price of £0.20 per share.
At 9:13am: (LON:FFWD) Fastforward Innovations Ltd share price was 0p at 7.5p
Story provided by StockMarketWire.com
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