Company Raises £560,000
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
16 March 2023
Chill Brands Group plc
("Chill Brands" or the "Company")
Company Raises £560,000
Chill Brands Group, the international consumer packaged goods company, is pleased to announce that it has raised £560,000 (before expenses) from a financial institution (the "Fundraise").
The Fundraise, which followed the receipt of an unsolicited offer from the financial institution concerned, consists of a subscription for 16,000,000 new ordinary shares of 1 pence each ("Ordinary Shares") at a price of 3.5 pence (the "Issue Price") per share (the "New Shares"). The Issue Price represents a discount of 12.5 per cent to the previous day closing price of 4.00 pence on 15 March 2023, being the last practicable date prior to the publication of this announcement.
The funds will be deployed to expand the marketing and distribution of the Company's new range of nicotine-free disposable vapour products. They will also be used to establish new systems that will better facilitate the onboarding and management of new products joining the Chill.com product marketplace following strong demand from third-party brands.
Admission and Total Voting Rights
The New Shares will be issued and an application will be made for the New Shares to be admitted to trading on the Main Market of the London Stock Exchange and to listing in the Standard Segment of the Financial Conduct Authority ("FCA") Official list, with effect from 22 March 2023 ("Admission").
On Admission, the Company will have 261,115,305 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 261,115,305 and this figure may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
-ENDS-
About Chill Brands Group
Chill Brands Group plc (LSE: CHLL, OTCQB: CHBRF) is concerned with the development, marketing and distribution of wellness and recreational products containing natural, functional ingredients. The Company's proprietary product range is distributed by some of the most recognisable convenience retail outlets in the US and includes nicotine-free disposable vapour products that cater to the rapidly growing market for tobacco alternatives. Chill Brands also operates the chill.com e-commerce website, on which it is building a marketplace of products from third-party brands.
Publication on website
A copy of this announcement is also available on the Group's website at http://www.chillbrandsgroup.com
Media enquiries:
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Chill Brands Group plc |
contact@chillbrandsgroup.com |
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Allenby Capital Limited (Financial Adviser and Broker) |
+44 (0) 20 3328 5656 |
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Nick Harriss/Nick Naylor (Corporate Finance) |
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