Yooma Wellness has announced it has commenced trading on the Aquis Stock Exchange Growth Market (AQSE).
Yooma, a global vertically-integrated platform that develops and markets CBD and wellness brands, has now completed its dual-listing with the announcement of its listing on AQSE.
The company commenced trading on the exchange at 8 am (BST). The placing marks the fourth-largest raise on Aquis this year and the largest ever capital raise for a cannabis company on the Aquis exchange.
Chairman of Yooma, Lorne Abony, said: “Yooma’s listing on the AQSE provides us with a solid foundation on which to execute our growth strategy in the UK, Europe and beyond.
“Our strategic focus on value-accretive acquisitions throughout the world will help to solidify Yooma’s place as a global wellness leader.”
Yooma says the completion of the financing will allow the company to focus on building the world’s largest CBD and wellness business, and that proceeds will finance several strategic acquisitions and for other general corporate purposes.
Completion of dual-listing
The shares, which will be listed under YOOM, will now be dual-listed on the Canadian Securities Exchange (CSE) and AQSE – a market first for a North American cannabis company.
Subject to Admission, the Company, together with its European deal co-ordinator, Chrystal Capital Partners LLP, a leading European cannabis corporate finance and investment house, which acted as advisor to the company on the capital raise, has raised gross proceeds of US$10,260,385 (~£7,456,675) at the exchange rate, then through the placing of 14,250,522 common shares at a price of C$0.90 (~£0.5232) per share.
The placing price represented a discount of approximately 14% to the closing bid price of the company’s shares on the CSE on its admission date, 23 July 2021, and all placees have been granted a half warrant for each placing share subscribed for. Each warrant is exercisable at a price of C$1.35 (~£0.7849) per common share, and which expire on the third anniversary of its admission.
In aggregate, the company has granted investors a total of 7,125,261 warrants to placees and has granted 232,220 non-transferable warrants at $0.90 per share with a two-year expiry to Chrystal Capital Partners.
Yooma has also granted a single strategic investor an option to acquire 9,555,555 common shares at the placing price, which will raise £5m gross for the company, and which expires on 17 September 2021.
Tristan Gervais, Head of Chrystal Capital Cannabis Advisory (CCCA), said: “We are delighted to have advised Yooma on its successful, fundraise. This is the fourth Cannabis deal that CCCA has closed in the last eight months. Our unique cannabis sector expertise, together with our extensive relationships with cannabis investors, continues to deliver much-needed growth capital to this exciting, fast-growing industry. CCCA will continue to work closely with the management team as Yooma continues to grow.”
The fundraise attracted strong support from the UK’s leading institutional cannabis investor, AIM-quoted investment company Seed Innovations Ltd..