TIDMHELD
RNS Number : 0215A
Hellenic Dynamics PLC
17 January 2024
17 January 2024
Hellenic Dynamics plc
("Hellenic Dynamics" or the "Company")
Letter of intent for funding with Piraeus Bank S.A.
Hellenic Dynamics Plc (LSE: HELD), a medical cannabis cultivator
with a dedicated focus on producing tetrahydrocannabinol ("THC")
dominant strains of medical cannabis flowers for the fast growing
global medical cannabis markets, is pleased to announce that
Piraeus Bank S.A ("Piraeus Bank") has conducted a review of
Hellenic Dynamics five year business plan and have issued a letter
of intent for funding ("Letter") which outlines the support from
the bank for the provision of credit facilities on the submission
of a detailed business plan, to be submitted on behalf of Hellenic
Dynamics by a consultancy firm considered to be acceptable by
Piraeus Bank.
Piraeus Bank, headquartered in Athens, is one of Greece's
largest banks and one of the most prominent in the agricultural
sector. Under the terms of the Letter, Piraeus Bank intends to
consider providing Hellenic Dynamics with credit facilities, as
follows:
1. export factoring for working capital;
2. letters of guarantee in respect of advance payment of certain
Greek domestic grants which the Company has applied for; and
3. loans in respect of the expansion of cultivation buildings at
the Company's 195,506 square meter facility in Northern Greece.
Any support provided by Piraeus Bank would contribute to the
advancement of the Company's future developments and objectives,
which underpins the Company's business plan and strategy.
Hellenic is now focusing on working with Piraeus Bank to move
forward with this funding opportunity in order to develop and grow
its business for the long term benefit of shareholders, and is
intending to submit the required documentation to Piraeus Bank's
appointed consultancy firm in due course.
Dr Fillipos Papadopoulos, Executive Director of Hellenic
Dynamics, commented : "Piraeus Bank has been a steady supporter of
Hellenic and a long term believer in the prospects of the Company
and the medical cannabis sector in Greece. The expertise of its
team in the agricultural sector allows the bank to have a deep
understanding of medical cannabis cultivation and processing and
thus facilitates an excellent working relationship. I am very
pleased that we are now moving ahead with the various discussions
pertaining to funding, the early payment of national grants the
Company has applied for and of course the future expansion of our
facility under our POD programmes."
The Directors of the Company take responsibility for this
announcement.
Enquires:
Hellenic Dynamics plc +44 (0)20 3818 7850
Davinder Rai davinder@hellenicdynamics.com
Cairn Financial Advisers LLP +44 (0)20 7213 0880
Emily Staples / Jo Turner
Peterhouse Capital +44 (0)20 7469 0930
Lucy Williams / Charles Goodfellow
About Hellenic Dynamics plc
Founded in 2019, Hellenic Dynamics is specifically focused on
the cultivation and supply of THC ("tetrahydrocannabinol") -
dominant strains of medical cannabis flowers, destined for the
growing global medical cannabis markets. Hellenic Dynamics' core
strategy is to develop and operate its 40,000 square metre active
cultivation licence from its 195,506 square metre facility located
near Thessaloniki in Northern Greece. In full production, Hellenic
Dynamics is capable of producing over 54,000 kg of dried flowers
per annum.
Hellenic Dynamics will take advantage of its relatively low cost
base resulting from a comparatively low cost of power, having its
own running water supply and the labour rates for skilled and
semi-skilled labour in Northern Greece.
26 European countries now allow medical cannabis via
prescription and the European cannabis market is expected to reach
EUR17.39 billion per annum by 2028. Sales of Hellenic Dynamics'
dried THC-dominant cannabis flowers and extracts are initially
intended for export into Europe, in addition to other international
markets and domestically in Greece.
As the first medical cannabis cultivator to obtain a listing on
the main market for listed securities of the London Stock Exchange,
Hellenic is significantly different to the number of CBD
(Cannabidiol) related companies that have appeared over the recent
years. Hellenic Dynamics cultivates THC-dominant medical cannabis
flowers. THC-dominant medical cannabis products are only available
via a medical prescription. Medicinal cannabis has been approved
for use both in the United Kingdom and Germany, plus 24 other
European countries, for conditions including but not limited to
chronic pain, intractable chemotherapy-related nausea, anxiety,
insomnia, Tourette's syndrome, substance use disorder, multiple
sclerosis, IBS, spinal cord treatment, lack of appetite due to
HIV/AIDS, cachexia, anorexia and glaucoma.
For further information please visit our website
www.hellenicdynamics.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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January 17, 2024 06:00 ET (11:00 GMT)
Hellenic Dynamics (LSE:HELD)
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