Little Green Pharma (ASX:LGP) has completed a $5M placement, with funds to be used to repay a loan note with Canopy Growth Corporation and for working capital and costs of the offer.
The placement strengthens the medicinal cannabis' company's balance sheet and supports its pathway to break-even and significant growth.
The company will issue new shares at $0.18 per share, which represents a 5.3% discount to the last price close on March 21, 2023.
Little Green Pharma's share price is up 11% at 12:11pm AEST.