Highlands Natural Resources announced it has raised £525,000 to further develop its cannabis venture, Zoetic.

The company said that members of the Schrader family have subscribed for 1,000,000 new ordinary shares, priced at 10 pence each.

The Schrader family own Schrader Oil Co., which is the operator of the convenience stores that will soon stock Zoetic’s retail cannabidiol products.

In addition, Highlands Natural Resources also revealed the exercise of 5,000,000 warrants in the Company, which have been placed by Turner Pope Investments. The warrants are set to expire later this month on June 30.

The total proceeds of the two transactions totals £525,000, and will be used to boost Zoetic business, a new venture that the company announced earlier this year.

The firm confirmed that an application is set to be made for an additional 6,000,000 ordinary shares to be admitted to the London Stock Exchange. Admission is expected to go ahead on the 12 June 2019.

Highlands Natural Resources is listed on the junior AIM market of the London Stock Exchange. It specialises in oil and gas technology.

The firm has projects across the U.S states including Colorado, Kansas and Montana.

Shares in Highlands Natural Resources (LON:HNR) are currently down -3.15% as of 11:21AM (GMT).