MMJ PhytoTech Limited (ASX: MMJ) (“MMJ” or “the Company”) is pleased to advise that it has agreed to invest A$500,000 in ASX listed Israeli life sciences company eSense-Lab Limited (“eSense” or “ESE”) (ASX: ESE).
MMJ will be issued 2,500,000 ordinary shares in eSense at the price of A$0.20 per share, and will receive 1 free option for every 2 shares issued at a $0.30 exercise price and expiry date of 3 years from date of issue (subject to shareholder approval).
In parallel with MMJ’s cornerstone investment, ESE is undertaking a Share Placement (“the Placement”) to raise up to A$1,619,719 via the issuance of new fully paid ordinary shares to sophisticated investors at an issue price of A$0.25 per share.
Upon completion of the Placement, MMJ will have an approximate 3.51% shareholding in ESE.
In addition, MMJ’s 59%-owned subsidiary Harvest One Cannabis Inc. (“Harvest One”) (TSXV: HVST) will enter into a collaboration agreement with ESE, with Harvest One providing technical expertise and its access to global networks.
As previously advised (see ASX release dated 10 October 2017), MMJ has expanded its strategic direction to provide its shareholders exposure to a range of global opportunities spanning the entire cannabis value chain in favourable jurisdictions including Australia, North America, South America, Europe and Africa.
MMJ has also announced a proposed change of company name to MMJ Capital Limited – which remains subject to shareholder approval at AGM to be held on 29th November 2017.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.