Highlands Natural Resources PLC (LON:HNR) said the owners of the Schrader Oil Co. convenience store chain have invested £100,000 in the business as part of a deal to stock its cannabidiol (CBD) products.
The Schrader family has subscribed to 1mln new ordinary shares in Highlands at a price of 10p each.
Schrader Oil stores will stock CBD products from Highlands’ cannabis business Zoetic Organics. It is the first retail distribution and sales agreement Highlands has secured for Zoetic.
Separately, Highlands has also raised £425,000 through the exercise of 5mln warrants that were awarded to the management of Zoetic at the time the business was formed earlier this year. The warrants were due to expire at the end of June.
The company said the resulting new shares have been placed with new investors by Turner Pope Investments Ltd.
An application will be made for an additional 6,000,000 ordinary shares in the company to be admitted to trading on the main market of the London Stock Exchange. Admission is expected to take place on June 12.