Developer and supplier of high-performance materials, equipment & services for global lithium-ion battery industry, NOVONIX Limited (ASX:NVX) has reported results of the Retail Entitlement offer that pertain to equity raising plan as announced on 27 May 2020, including institutional placement to raise $5.65 million and entitlement offer to raise ~ $37.91 million.
The Retail Entitlement offer, closed on 18 June 2020, was heavily oversubscribed with applications under the top-up facility significantly exceeding New Shares available under the Offer.
On 5 June 2020, ~82.69 million New Shares were issued to applicants under the Institutional Placement and the Institutional Entitlement Offer at $0.29 per New Share.
$ 1.3 million (representing small portion of 3.3%) was available for shortfall allocation. The Board has decided to allocate up to the lesser of an additional 1,724 New Shares / top-up application to each eligible shareholder applying for New Shares under the top-up facility & remaining ~3.61 million New Shares allocated pro-rata to Priority Sub-Underwriters.
New Shares under Retail Entitlement Offer are expected to be issued on 25 June 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)