Currently developing its 100% owned Butcherbird Manganese Project, Element 25 Limited (ASX:E25) has received firm commitments from sophisticated, professional and institutional investors to raise up to a total of $ 3.5 Million (before costs) via placement of up to 8.75 Million fully paid ordinary shares at an issue price of $ 0.40 per share. Besides the Placement, the Company announced a Share Purchase Plan to existing eligible shareholders to raise up to $ 1.5 Million at an issue price of $ 0.40 per share.
Funds raised will allow Element 25 to accelerate development of Butcherbird by allowing deposits for long lead time items to be placed, advance detailed engineering design and other activities associates with the development of the project.
E25 was trading at $ 0.465 at 11:51 AM AEST on 6 July 2020.
There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
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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)