THC Global Group Ltd (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) directors have demonstrated their confidence in the companys medicinal cannabis strategy via their participation in the companys share purchase plan.
Chairman Steven Xu and non-executive director Lou Cattelan acquired 83,334 shares each at a price of 30 cents per share.
Earlier this month, the company completed its share purchase plan, raising $1.535 million from 312 eligible shareholders.
The SPP followed the completion of an institutional placement in late June 2020, taking the total amount raised by the company in this capital raising to $8.136 million at 30 cents per share.
Production volumes increase
Funds raised will be primarily applied towards working capital for the company as production volumes rapidly increase at its Southport Facility.
Additionally, part of the funds will be applied towards expanding the companys finished goods capabilities into additional medicine forms and to develop new IT infrastructure to support doctors and pharmacies supplying medicinal cannabis medicines for both Canndeo and Tetra Health.
Chief executive officer Ken Charteris recently said: “Were pleased to have now completed this capital raising, securing over $8.1 million for the company.”
“Over the past fewRead More – Source