Investee Company Update: Little Green Pharma Ltd
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SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness and medical cannabis companies to which, in normal circumstances, they have limited access to, is pleased to note an update by its portfolio company, Little Green Pharma Ltd ('LGP') on its wholly-owned subsidiary Reset Mind Sciences Limited ('Reset').
The Company owns 7,324,796 ordinary shares in LGP representing 2.44% of LGP's issued share capital.
LGP is proposing to demerge its psilocybin and psychedelic business and assets, including an in-specie distribution of shares in its 100% wholly owned subsidiary, Reset.
Demerger and in-specie distribution of shares in Reset
LGP plans to split its psilocybin and psychedelic business, including its subsidiary Reset. This Demerger involves distributing about 10,000,000 Reset shares to shareholders who held Reset shares as of December 15, 2023 (referred to as Eligible LGP Shareholders), on a proportional basis of 1 Reset share for every 30 LGP shares held.
The distribution is subject to approval by LGP shareholders at a general meeting on December 11, 2023, as outlined in the Company's Notice of General Meeting from November 9, 2023.
LGP are offering a Priority Offer to its shareholders
On November 9, 2023, Reset submitted a new prospectus to the Australian Securities and Investments Commission. This document outlines plans to raise $2 million by issuing up to 10,000,000 ordinary shares in Reset at $0.20 per share, with the option to take in additional investments of up to $1,000,000.
Eligible LGP shareholders are being given a priority opportunity to purchase up to 5,000,000 Reset shares at $0.20 per share, aiming to generate up to $1,000,000. This Priority Offer is available to LGP shareholders in qualifying locations who held ordinary shares in LGP at 5:00 pm (WST) on November 9, 2023.
Commenting on the collaboration, Ed McDermott, CEO of Seed said: "This marks an exciting milestone for LGP, as the potential for unique insurance-backed treatment in Australia positions itself as a groundbreaking new market for Psychedelic treatment."
The announcement in full can be accessed from the following link: https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements
About Little Green Pharma
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