Hill Dickinson advises Yooma Wellness Inc on admission to Aquis and £7.5m fundraising
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Hill Dickinson’s London Corporate team has recently advised Yooma Wellness Inc on the admission of its shares to trading on the Aquis Stock Exchange.
Yooma’s mission is to create a global vertically-integrated leader in the manufacturing, marketing, distribution and sale of wellness products including hemp seed oil and hemp-derived and cannabinoid CBD ingredients. Yooma’s shares were admitted to trading on the Canadian Securities Exchange on 11 February 2021, with this transaction marking Yooma’s second listing in six months.
Alongside admission, Hill Dickinson also advised on a placing for new ordinary shares carried out in the United Kingdom, USA and Canada, raising gross proceeds of approximately £7.5 million from new and existing institutional investors. The placing marks the fourth largest raise on Aquis this year and the largest ever capital raise for a cannabis company on the Aquis exchange. In addition to the placing,
Hill Dickinson also advised Yooma on the grant of an option to a strategic investor to acquire an additional £5 million of shares in the company. Completion of this financing will allow Yooma to focus on building the world’s largest CBD and wellness business. The company will use the proceeds to finance the cash portion of several planned strategic acquisitions and for other general corporate purposes.
The Hill Dickinson team was led by legal director Sam Hudson, with support from trainee solicitor Cyprien Berlan and paralegal Vruksha Patel.
Sam Hudson commented: “We are delighted to have assisted Yooma with this transaction. By dual-listing in London and completing a significant fundraise, Yooma is well positioned to go from strength to strength as it targets growth and investment opportunities in Europe.”
Lorne Aborny, chair of Yooma, said: “Yooma’s listing on the AQSE provides us with a solid foundation on which to execute our growth strategy in the UK, Europe and beyond. Our strategic focus on value accretive acquisitions throughout the world will help to solidify Yooma’s place as a global wellness leader.
“It was a pleasure working with Sam and the rest of the Hill Dickinson team on this transaction and we will continue to work with them as we execute our strategy for growth.”
