GHG - Global Hemp Group Closes Second Tranche of its Non-Brokered Secured Convertible Debenture
(TheNewswire)
Vancouver, BC - TheNewswire - July 5, 2021 - GLOBAL HEMP GROUP INC. (“GHG” or the“Company”) ( CSE:GHG . CN) ( OTC:GBHPF ) ( FRANKFURT:GHG ) announces that further to its newsrelease of June 22, 2021, the Company has closed an additional$500,000 tranche of its previously announced non-brokered 7% Secured Convertible Debentures with thesupport of private corporate lenders. The Debenture has a MaturityDate of September 8, 2023 and shall bear interest at the rate of 7.0%per annum, payable for the period commencing on the Closing Date andending on the earlier of the Maturity Date or the date the Debentureis converted into units (“Units”). Minimum subscription percorporate lender will be $25,000. A finder’s fee may be payable toeligible finder’s or agents per CSE guidelines.
The Company has now received subscription and proceedsto the above non-brokered Secured Debenture placement for total grossproceeds of $1,000,000 and will proceed immediately to closing thissecond tranche of the Debenture. The Company anticipates closing ofthe remaining $500,000 of the Debenture with corporate lenders beforeJuly 30, 2021.
Each $1,000 principal amount of Debenture isconvertible, at the option of the holder, into Units consisting of20,000 common shares of the Issuer (each a “Common Share”), issuedat a price of $0.05 per Common Share (the “Conversion Price”), and20,000 detachable common share purchase warrant (each a“Warrant”), each Warrant entitling the holder to acquire oneadditional Common Share an exercise price of $0.05 at any time afterthe date of issuance and prior to the close of business on the lastbusiness day prior to the Maturity Date.
In the event that the Company’s common shares tradeon the CSE (or such other exchange on which the common shares may betraded at such time) at a volume weighted average price of $0.12 percommon share or more for a period of ten (10) consecutive tradingdays, the Issuer may, in its sole discretion, accelerate the expirydate of the warrants by giving notice to the holders thereof and, insuch case, the warrants will expire on the 30th day after the date onwhich such notice is given to the holder by the company.
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About Global Hemp Group Inc.
Global Hemp Group Inc. ( CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG ) is focused on a executing amulti-phased strategy of becoming a leader in the development andpromotion of the industrial hemp technology industry in the UnitedStates and beyond. The Company is currently headquartered inVancouver, British Columbia. The current phase of the strategy focuseson the development of “sustainable” and “green” value-addedindustrial hemp products utilizing the processing of the entirety ofthe hemp plant for multi-merchantable applications, as envisioned tobe showcased in the Colorado Hemp Agro-Industrial Zone (HAIZ) project.This HAIZ will be the epicentre of a futuristic“Sustainable/Renewable and Regenerative City model the Companyintends to “brand” and duplicate sharing this model with theWorld. To support and innovate the HAIZ further, Global Hemp Group hasestablished a Research and Development Division to actively pursue thedevelopment of Intellectual Property that can be patented forimplementation locally and for partnerships Globally. The Division isled by Prof.Víctor M. Castaño, Ph.D . from the National AutonomousUniversity of Mexico, a highly recognized leader in areas of appliedscience and technology. The R&D team brings an amazing wealth ofknowledge and experience in multiple disciplines and will initiallyfocus on development of Environmentally-Friendly ConstructionMaterials, Nanofertilizers and Enhanced Extraction from Hemp.
For Further Information ContactGlobal Hemp Group
Curt Huber, President
Tel: 778-726-2900
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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