Ananda Developments Plc - Conversion of iCAN Loan Notes
PR Newswire
London, June 23
23 June 2020
ANANDA DEVELOPMENTS PLC
("Ananda" or the "Company")
INCREASED EQUITY INTEREST IN iCAN ISRAEL-CANNABIS
The Directors of Ananda announce that the balance of the USD200,000 convertible loan notes of iCAN Israel-Cannabis Ltd ("iCAN") issued to the Company in August 2018 has been converted to equity in iCAN.
On 8 January 2020, the first USD100,000 of Ananda's convertible loan notes were converted into 120 ordinary shares in iCAN , at a valuation of USD10M for iCAN. Upon conversion of the second half of the loan notes, Ananda now owns 180 ordinary shares in iCAN, equating to 1.03% of iCAN's issued share capital. The second conversion was done at a valuation of USD20M for iCAN.
iCAN is headquartered in Israel, one of the leading jurisdictions for medicinal cannabis research. It is one of the three major conference platforms in the cannabis space, along with MJBiz and Cannabis Europa, and also holds a portfolio of investments in early stage cannabis companies as well as providing consulting services to the sector.
Since the onset of COVID-19 iCAN has focused on virtual offerings and will recommence physical conferences when circumstances allow.
-Ends-
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations Jeremy Sturgess-Smith | +44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie Feuerlein Corporate Broking Lucy Williams Duncan Vasey | +44 (0)20 7469 0930 |
| CELICOURT COMMUNICATIONS Mark Antelme Ollie Mills | +44 (0)20 8434 2643 |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
