Peter Max
- CEO Partner
Transaction Description
Gemstone acted as financial advisor for Stenocare in their rights issue. The rights issue of shares that could provide the company a total of DKK 29.8 million prior to issuing costs. The general public was also invited to subscribe for shares in the rights issue. The Board of Directors had also decided on a so-called oversubscription reserve, of an additional total DKK 15 million, to be utilized if the rights issue was over-subscribed. Combined, the rights issue and the oversubscription reserve would, fully subscribed, raise gross proceeds of DKK 44.8 million and net proceeds of DKK 41.5 million. The rights issue was subscribed by approximately DKK 117 million or approximately 392%. The establishment of oversubscription reserve of DKK 15 million, was utilized on the same terms as the rights issue. Combined, the Rights Issue and the oversubscription reserve raised gross proceeds of DKK 44.8 million. Due to the oversubscription, a loan conversion of DKK 8.9 million took place in a separate directed issue.
Contact Person
Company Description
Stenocare is a Danish pharmaceutical company founded in 2017. Already the following year, Stenocare became the first Danish company to obtain permits to cultivate, import, and handle medical cannabis oils in the Danish pilot Programme. Simoultaneously, Stenocare is the first Danish company to have obtained approval for medical oil-based cannabis products for the Danish pilot Programme. Today, Stenocare operates in Denmark, Sweden, Norway, Germany, the UK, and Australia.
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