GBHPF - Global Hemp Group Announces Consulting Agreemnts and Issuance of Options and Warrants
(TheNewswire)
Vancouver, BC – TheNewswire - January25, 2021 - GLOBAL HEMP GROUPINC. (“GHG” or the “Company”) (CSE:GHG ) / ( OTC:GBHPF ) / ( FRANKFURT: GHG) (CNSX:GHG.CN) announces that pursuant to its stock option plan, it hasgranted stock options to purchase up to 5,300,000 common shares of theCompany at an exercise price of $0.055 per share. The options have aterm of five years expiring January 25, 2026 and shall vest inimmediately.
The Company would also like to announce that it hasentered into three consulting agreements (the " Consulting Agreements "). The first Consulting Agreement is with TwilightCapital Inc. (" Twilight ") with respect to Twilightproviding consulting services to support the Company’s businessstrategy in seeking various sources of funding. The second ConsultingAgreement is with Prof. Víctor M. Castaño, Ph.D. with respect toacting as a R&D Advisor to the Company and to head GHG’sResearch and Development Division, with the objective of creatingIntellectual Property/patented technology that will be utilized at theCompany’s projects and widely marketed throughout the United States.The third Consulting Agreement is with Gabriel Gauthier, a master hempbuilder and pioneer in hemp construction in North America. Mr.Gauthier will advise on the utilization and application of hempbuilding materials and hemp construction for the Company's Coloradoproject
Terms of the consulting agreements, effective January25, 2021, the Company to issue 3,000,000 warrants exercisable at thecurrent market price, but in no case less than $0.05. These warrantswill be exercisable for a period of five years from the date of issueand will vest six months after issuance. On the one year anniversaryof the agreement the Company will issue an additional 4,000,000warrants with an exercise price based on the previous 10 day VWAP, butin no case less than $0.05. The warrants will have a term of 5 yearsfrom the date of the one-year anniversary. On the two year anniversaryof the agreement the Company will issue an additional 4,000,000warrants with an exercise price based on the previous 10 day VWAP, butin no case less than $0.05. The warrants will have a term of 5 yearsfrom the date of the two year anniversary.
Warrants issued on the one year and two yearanniversaries will vest in each year of issuance as follows:
- 50% of the yearly issuance on date of issuance,and
- the remaining 50% of the yearly issuance after 6months from date of issuance
The Company and the Consultants maintain an arm'slength relationship.
The Company will issue 9,000,000 common share purchasewarrants (each a " Warrant ") to the consultants of theCompany. Each Warrant entitles the holder to acquire one common shareof the Company at a price of $0.055 for a period of five (5) yearsfrom the date of issuance. The Warrants were issued pursuant to theterms of consulting agreements entered into by the Company and each ofthe consultants and each Warrant was issued at a deemed value of$0.055 per Warrant. All Warrants and underlying shares are subjectto a four month hold period from the date of issuance. The issuanceof the Warrants is subject to the final approval of the CSE.
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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. The first phase of this strategy is to develophemp cultivation for extraction of cannabinoids and the smokable CBGflower market with the objective of creating a near term revenuestream. The second phase of the strategy focuses on the development ofvalue-added industrial hemp products utilizing the processing of theentirety 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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