Currently developing its 100 % Butcherbird Manganese Project in WA, Element 25 Limited (ASX:E25) notified that its Share Purchase Plan (SPP) announced on 6 July 2020 closed on 21 July 2020. The SPP was heavily oversubscribed. According to the SPP booklet, Element 25 was seeking a target of $ 1.5 million but ended up receiving applications for over $ 3.2 million, demonstrating strong shareholder support.
Funds raised from the SPP are likely to aid in accelerating development of the Butcherbird Manganese Project.
E25 was trading at $ 0.425 on 23 July 2020 (12:14 PM AEST)
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.
No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.
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)