In its latest update, BPH Energy Limited (ASX:BPH) has notified that it has finalised a placement and intends to carry out a non-renounceable rights issue.
The placement comprises issue of ~29.9 million fully paid ordinary shares at an issue price of $0.015 per share, along with one free attaching option for every two shares subscribed for and issued to professional and sophisticated investors. The Company’s current placement capacity is to raise $449,813.
Following the issue of the shares under placement activity, the Company will conduct a non-renounceable rights issue of two shares for every five shares held by shareholders, at an issue price of $0.015 per share to raise up to ~$2.4 million, along with 1 free attaching option for every 2 shares subscribed for and issued.
BPH plans to use the proceeds of the Placement and Rights Issue to invest in Advent Energy Limited to raise its shareholding from 23 per cent to 36 per cent.
As at 01:18 PM AEST, BPH is trading at $0.018, up 5.9%.
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)