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Leading diversified plant-based health and wellbeing company, Affinity Energy and Health Limitedâs (ASX:AEB) securities were voluntarily suspended from quotation today (5 February 2019) at the request of the company, pending the release of an announcement regarding an investment and capital raising.
According to the companyâs request, the reason for the voluntary suspension is for the Company to manage its continuous disclosure obligations. Affinity Energy has requested that the voluntary suspension should continue until the commencement of trading on 12 February 2019 or the release of an announcement regarding the investment and capital raising.
The companyâs securities were in a trading halt since 1 February 2019. The trading halt was requested by AEB pending an announcement regarding a potential capital raising as announced on 1 February 2019.
Recently the company provided its December quarter activities report. As per the report, the production at the Companyâs Atlanta Product Development facility continues to stockpile algae biomass for extraction and refining into high-quality algae oil. The Company is having more than 17,000 kgs of biomass available for further processing upon completion of bulk sample testing through Radient Technology Incâs MAPTM processing.
During the December quarter, the company launched its fifth FeedMeTM product through Seachem Laboratories. According to the company, the new product is having a long shelf-life and is, therefore, able to be sold to the lucrative export market. Currently, the company is working with animal feed, aqua feed, health food and new age beverage companies for the development of algae-based products which will be suitable for those markets.
In December the Company was granted a license to establish a cannabis cultivation facility in Malta, one of only eight companies to have been granted such a license. The entire process in Malta from submission to granting of the license was of less than three months.
Affinity Energy is currently in the middle of its dual listing process, and it has already progressed the due diligence work. The company is taking advice from corporate advisors in Canada to determine the most appropriate structure to maximize value for the Company. It is expected that a listing on a Canadian exchange will occur towards the end of Q1C19 or shortly thereafter.
To commence the Companyâs algae and medicinal cannabis projects through to positive cash generation, which is scheduled for the second half of 2019, the Company is proceeding with a rights issue to all shareholders to raise circa A$5 million. The funds raised will be utilized to commence the Phase 1 build-out of the facility in Malta and this initial phase will include 16 fully automated hydroponic units in pods of four designed to produce more than 57,000 grams of cannabis oil per annum.
In the past six months, the share price of the company declined by 50.0% as on 31 January 2019. AEBâs shares last traded at $0.009 with a market capitalization of circa 8.77 million as on 31 January 2019.
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