Global Hemp Group Announces Completion of $1.5 Million Private Placement
March 07 2018 - 8:52AM
via NetworkWire -
GLOBAL HEMP GROUP INC. (“GHG” or the
“Company”) (CSE:GHG) (OTC:GBHPF) (FRANKFURT:GHG) is
pleased to announce the closing of a non-brokered private
placement, consisting of 12,500,000 units ("Units") at a price of
$0.12 per Unit to raise aggregate gross proceeds of $1,500,000.
Each Unit consists of one common share (a "Common Share") of the
Company and one Common Share purchase warrant (each a "Warrant").
Each Warrant entitles its holder thereof to purchase one Common
Share at a price of $0.15 per common share for a period of five
years from closing. No Finder’s Fee was paid on this private
placement. All securities issued are subject to a four-month plus a
day hold period from the date of issuance in accordance with
applicable securities laws.
Proceeds of the Offering will be used for development of the
Company’s New Brunswick hemp cultivation and extraction project, to
fund due diligence on potential acquisitions, namely in the State
of Oregon where the Company is contemplating purchasing land
(including water rights) to develop hemp cultivation and extraction
of cannabinoids, as well as increase the Company’s working
capital.
Insiders of the Company subscribed for an amount of $371,542 out
of the total amount of the Private Placement, representing
24.8%.
About Global Hemp Group Inc.
Global Hemp Group ("GHG") is a publicly traded company founded
in 2014, headquartered in British Columbia, Canada with base
operations in Montreal and Los Angeles. The Company is focused on
the cultivation of hemp and the extraction of cannabinoids, and
collaboration with companies that will enable GHG to develop and
implement the Hemp Agro-Industrial Zone (HAIZ) concept. Through
partnerships, joint ventures and acquisitions, the Company will
capture cash flow, revenues and value, and establish a greater
collective valuation.
Forward Looking Statements: Certain information set forth in
this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of Global
Hemp Group Inc., including, but not limited to the impact of
general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, dependence upon regulatory
approvals, the availability of future financing and exploration
risk. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking
statements.
The CSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Corporate Communications
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