VANCOUVER, British Columbia, March 07, 2018 (GLOBE NEWSWIRE) -- 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.
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