Kanabo rises after placing shares at a premium

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Kanabo Group PLC (LON:KNB) was 10% higher at 22p after it took a stake in a Greek medical cannabis cultivation company.

Kanabo is paying £750,000 for a stake in Hellenic Dynamics SA ahead of the Greek company’s expected listing in London via a reverse takeover.

The developer of cannabis-derived products raised £1mln to fund the acquisition through the placing of around 4.5mln shares at a price of 22p each, a 10% premium to its closing price last Friday, from new and existing investors.

SIMEC Atlantis Energy Ltd (LON:SAE) shares rose 16% to 7.15p after the company said its tidal power generation facility in Naru Island, Japan, has passed the Japanese government’s pre-use inspection tests and is now recognised as an official power generation facility.

The turbine tests were undertaken by the Ministry of Economy, Trade and Industry (METI), a key stakeholder in consenting renewable energy projects in Japan, during one of the strongest tides expected this year.

Elsewhere, the company also provided an update on its Uskmouth waste-to-energy conversion project in Newport, Wales. The company said it submitted a “Statement of Case” (SOC) to the Planning Inspectorate on 21 May 2021. The SOC is a routine part of a ‘call in’ process and addresses the matters raised in the ‘call in’ decision letter that the company announced in March.

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