Placing of New Shares

RNS Number : 4121J

Highlands Natural Resources PLC

19 August 2019

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

19 August 2019

Highlands Natural Resources plc

("Highlands" or the "Company")

Placing of New Shares

Highlands, the London listed natural resources and vertically integrated CBD company, is pleased to announce that it has raised a total of £354,000 through a placing of 5,130,433 new ordinary shares at a price of 6.9 pence per share with a group of high net worth individuals. 

The placing has been conducted at the closing offer price for Highlands shares on 16 August 2019.  The proceeds of the placing will be applied primarily to accelerate the marketing and development of Zoetic's products in both the US and UK.

Pursuant to the placing, Highlands intends to issue 256,521 new ordinary shares to Optiva Securities Ltd in satisfaction of its fee for placing the shares with the new investors.  Application will therefore be made for an additional 5,386,954 ordinary shares in the Company to be admitted to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on 27 August 2019. 

Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of 1 pence each in issue, including the right to receive all dividends and other distributions declared, and the total number of ordinary shares in Highlands with voting rights will be 147,870,034. This figure may be used by Highlands shareholders as the denominator for calculations to determine if they have a notifiable interest in Highlands under the Disclosure and Transparency Rules, or if such interest has changed.

Robert Price, Executive Chairman and CEO of Highlands, said: "We are delighted to welcome our new shareholders to Highlands. Whilst the Company had no immediate funding requirement, we were keen to accept the investment of these influential people, who approached Highlands following the achievements we have made in our CBD business, which they found highly attractive. Their experience and connections may be invaluable to us as we further develop Zoetic.  The new funds will be utilised immediately in expanding our manufacturing capabilities and further developing awareness of the Zoetic brand."

**ENDS**

Enquiries

Highlands Natural Resources plc                                                                                [phone]

Robert Price

Nick Tulloch

Optiva Securities Ltd                                                                                                     [phone]        

Graeme Dickson

Cantor Fitzgerald Europe                                                                                            [phone]        

David Porter      

Newgate Communications                                                                                         [phone]

Elisabeth Cowell

Ian Silvera          

Fiona Norman  

 

END

 

 

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