REG - Hellenic Dynamics - Placing & Issue of Equity

Hellenic DynamicsAnnouncement

08/05/2024 09:00

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RNS Number : 5910N  Hellenic Dynamics PLC  08 May 2024

 8 May 2024

 

Hellenic Dynamics plc

 

("Hellenic Dynamics" or the "Company")

 

 

Placing & Issue of Equity

 

 

London 8 May 2024: Hellenic Dynamics plc (LSE: HELD), a medical cannabis
cultivator with a dedicated focus on producing tetrahydrocannabinol ("THC")
dominant strains of medical cannabis flowers for the fast-growing global
medical cannabis markets, announces that Peterhouse Capital Limited
("Peterhouse"), the Company's corporate broker, has raised gross proceeds of
£217,000 via the issue of 10,850,000 new ordinary shares of 0.1 pence
("Placing Shares") at a price of 2 pence (£0.02) ("Placing Price") (the
"Placing"). The Placing was done at a discount of less than 5% to the closing
bid price on 7 May 2024.

 

The proceeds of the Placing will be used for general working capital purposes
up until the €1 million loan facility, announced by the Company on 22 April
2024, is received by the Company, which is expected to occur during mid-June
2024.

 

Admission and Total Voting Rights

 

Applications have been made to the Financial Conduct Authority ("FCA") and the
London Stock Exchange Group Plc ("LSE") for the admission to the Official List
of the FCA and to trading on the Main Market of the LSE respectively, of the
10,850,000 Placing Shares in respect of the Placing. It is expected that the
Placing Shares will be admitted to trading and dealings will commence on the
LSE on or around 14 May 2024 ("Admission"). The Placing Shares will rank pari
passu in all respects with the Company's existing ordinary shares of 0.1 pence
each, currently traded on the Main Market of the London Stock Exchange.

 

Following Admission, the Company's issued share capital will comprise
142,543,818 ordinary shares of 0.1 pence each. The figure 142,543,818 will
represent the total voting rights in the Company and may be used by
shareholders as the denominator for the calculation by which they can
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

 

The Directors of the Company take responsibility for this announcement.

 

Enquires:

 

 Hellenic Dynamics plc               +44 (0)20 3818 7850
 Davinder Rai                        davinder@hellenicdynamics.com

 Cairn Financial Advisers LLP        +44 (0)20 7213 0880
 Emily Staples / Jo Turner

 Peterhouse Capital                  +44 (0)20 7469 0930
 Lucy Williams / Charles Goodfellow

 

About Hellenic Dynamics plc

 

Founded in 2019, Hellenic Dynamics is specifically focused on the cultivation
and supply of THC ("tetrahydrocannabinol") - dominant strains of medical
cannabis flowers, destined for the growing global medical cannabis markets.
Hellenic Dynamics' core strategy is to develop and operate its 40,000 square
metre active cultivation licence from its 195,506 square metre facility
located near Thessaloniki in Northern Greece. In full production, Hellenic
Dynamics is capable of producing over 54,000 kg of dried flowers per annum.
 
Hellenic Dynamics will take advantage of its relatively low cost base
resulting from a comparatively low cost of power, having its own running
water supply and the labour rates for skilled and semi-skilled labour in
Northern Greece.

 

26 European countries now allow medical cannabis via prescription and the
European cannabis market is expected to reach €17.39 billion per annum by
2028. Sales of Hellenic Dynamics' dried THC-dominant cannabis flowers and
extracts are initially intended for export into Europe, in addition to other
international markets and domestically in Greece.

 
As the first medical cannabis cultivator to obtain a listing on the main
market for listed securities of the London Stock Exchange, Hellenic is
significantly different to the number of CBD (Cannabidiol) related companies
that have appeared over the recent years. Hellenic Dynamics cultivates
THC-dominant medical cannabis flowers. THC-dominant medical cannabis products
are only available via a medical prescription. Medicinal cannabis has been
approved for use both in the United Kingdom and Germany, plus 24 other
European countries, for conditions including but not limited to chronic pain,
intractable chemotherapy-related nausea, anxiety, insomnia,
Tourette's syndrome, substance use disorder, multiple sclerosis, IBS, spinal
cord treatment, lack of appetite due to HIV/AIDS, cachexia, anorexia and
glaucoma.

For further information please visit our website www.hellenicdynamics.com
(http://www.hellenicdynamics.com/)

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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