LONDON Stock Exchange-listed CBD firm Zoetic International has secured a £35m credit line as it expands the footprint of its Chill products across the UK and Europe.
Zoetic said the agreement with LDA Capital was spread over 36 months with £15m already in place for use over the next 12 months.
In a market statement it said the arrangement would ’guarantee operational flexibility for the group as it looked to further expand its international footprint’.
The drawdown will be facilitated by issuing shares for subscription by LDA Capital. It has also agreed to pay a 2% option premium fee on the facility for a total of £0.7m.
Zoetic chief financial officer Paul Ferguson said: ”We are pleased to announce LDA Capital as our financial partner and are excited to continue Zoetic’s journey of growth with the benefit of a sizeable funding facility.
“Zoetic is in a transitional phase, both in terms of growth and investor base profile, and LDA has provided the group with capital at an attractive cost that is sure to enable a smooth transition to the next phase.”