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The Hydroponics Company forced to scale back share purchase plan

Funds raised through the share purchase plan will drive growth in Australia and Canada.
Picture of cash
The share purchase plan closed January 9, 2018

The Hydroponics Company (ASX:THC) will be forced to scale back applications and return money to applicants due to oversubscriptions for its $3 million share purchase plan (SPP).

Applications for the SPP received on or before January 5 will be accepted in full but those applications received after will be scaled back by circa 80%.

Those applications received after the January 9 close date will be refunded to shareholders.

Funds used to progress operations in Australia and Canada

The new shares will be quoted on the ASX from January 29, 2018.

Funds raised through the placement will assist in developing the company’s Australia medicinal cannabis and provide financing for its investment in its Canadian assets, with the remainder used as working capital.

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