GBHPF - Global Hemp Group Announces Closing of First Tranche of Private Placement
(TheNewswire)
Vancouver, BC – TheNewswire – December 7 , 2020 - GLOBAL HEMPGROUP INC. (“GHG” or the “Company”) (CSE:GHG ) (CNSX:GHG.CN) ( OTC:GBHPF ) ( FRANKFURT:GHG) announces that it has receivedsubscription agreements for a non-brokeredprivate placement, consisting of 17,500,000 units (" Units ") at aprice of $0.015 per Unit for gross proceeds of $262,500 (the“ PrivatePlacement ”). The Company will look to completethe Private Placement to a maximum of $774,000 on or before December18, 2020, after which time no further subscription agreements will beaccepted at this price.
Each unit is comprised of one common share of theCompany (a " CommonShare " and collectively, the" CommonShares ") and one common share purchasewarrant (each whole warrant a " Warrant " andcollectively, the " Warrants ") of the Company. Each wholeWarrant shall entitle the holder thereof to acquire one additionalCommon Share at a price of $0.05 per Common Share for a periodexpiring on September 8, 2023. The warrants will be listed for tradingon the CSE after the expiry of the hold period and will have identicalterms to the 11,076,741 listed warrants of the Company currentlyoutstanding and trading under the ticker symbol GHG.WT. In the eventthat the Company’s common shares trade on the Canadian SecuritiesExchange (or such other exchange on which the common shares may betraded at such time) at a volume weighted average price of $0.12 pershare or more for a period of 10 consecutive trading days, the Companywill have the right to accelerate the expiry date of the Warrants bygiving notice to the holders thereof and, in such case, the Warrantswill expire on the 30th day after the date on which such notice isgiven to the holder by the Company. All securities issued are subjectto a four-month plus a day hold period from the date of issuance inaccordance with applicable securities laws.
Proceeds of the Offering will be used for developmentof the Company’s project in Colorado and R&D Division in Mexico,as well as general working capital.
Insiders of the Company subscribed for an amount of$12,750 of this tranche of the Private Placement, representing4.8%.
This press release shall not constitute an offer tosell or the solicitation of an offer to buy nor shall there be anysale of the securities in any State in which such offer, solicitationor sale would be unlawful.
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Global Hemp Group Inc.(CSE: GHG / OTC: GBHPF / FRANKFURT: GHG), is focused on a multi-phasedstrategy to build a strong presence in the industrial hemp industrythe United States. The Company is headquartered in Vancouver, BritishColumbia, with hemp cultivation operations in the state of Oregon. Thefirst phase of this strategy is to develop hemp cultivation forextraction of cannabinoids and the smokable CBG flower market with theobjective of creating a near term revenue stream. The second phase ofthe strategy focuses on the development of value-added industrial hempproducts utilizing the processing of the entirety of the hemp plant,as envisioned in the recently announced Colorado Hemp Agro-IndustrialZone (HAIZ) project. Global Hemp’sResearch and Development Division headed by Prof. Víctor M. Castaño,Ph.D . Prof. Castaño, a recognized leader inseveral areas of applied science and technology brings an amazingwealth of knowledge and experience in a number of differentdisciplines. There are three immediate areas of interest that Prof.Castaño and his team will actively be focused on to developIntellectual Property that can be patented and implemented in the hempand/or building industry, and in particular at Company’s newlyannounced Colorado Hemp Agro-Industrial Zone.
For FurtherInformation Contact Global Hemp Group
Tel:424-354-2998
Cautionary NoteRegarding Forward Looking Statements
Certain information set forth inthis news release may contain forward-looking statements that involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which are beyond the control of GlobalHemp Group Inc., including, but not limited to the impact of general economic conditions, industryconditions, volatility of commodity prices, currency fluctuations,dependence upon regulatory approvals, the availability of futurefinancing and exploration risk, the legality of cannabis and hemp.Readers are cautioned that the assumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, unduereliance should not be placed on forward-looking statements. Except as required by law, GlobalHemp Group Inc. disclaims any intention and assumes no obligation toupdate or revise any forward looking statements to reflect actualresults, whether as a result of new information, future events,changes in assumptions, changes in factors affecting such forwardlooking statements or otherwise.
The CSE has not reviewed and doesnot accept responsibility for the adequacy or accuracy of thisrelease.
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