Creso Pharma: Launches $7m placement, scraps potential $25m Obsidian debt funding deal

Creso Pharma Launches $7m placement, scraps potential $25m Obsidian debt funding deal

• Medicinal cannabis specialist Creso Pharma (CPH) taps private investors for $7 million to support its expansion into the United States
• CPH will issue 175 million shares at four cents per share, with investors to receive one option for every share purchased, exercisable at eight cents within four years
• Company directors Bruce Linton, Adam Blumenthal and CEO William Lay commit to investing a combined $1.74 million under the placement
• Meanwhile, Creso says it has terminated a potential $25 million debt funding agreement with New York-Based Obsidian Global Partners announced earlier this week
• Shares in CresoPharma fall 12.2 per cent to 4.3 cents just before market close