Platina Resources Limited (ASX: PGM) has received commitments for a total of 22.36 million ordinary shares under a non-brokered private placement, including 19.97 million shares to Canada-based Palisades Goldcorp and 2.39 million shares to another major shareholder. The Company is seeking AUD 894,400 before costs at 4.0 cents per share.
The placement participants will get 22.36 million options with a price of 10 cents and expiry period of three years from the date of issue; however, it is subject to shareholder approval.
Funds raised would strengthen the Company’s working capital position and are planned to be directed towards advancing its portfolio of assets.
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)