Hemp cultivation company Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF) this morning announced the closing of a non-brokered private placement consisting of 12.5 million units, sold at a price of $0.12 per unit, to raise aggregate gross proceeds of $1.5 million. Each unit consists of one common share of Global Hemp Group and one common share purchase warrant redeemable at a price of $0.15 per common share for a period of five years from closing. Insiders of the company subscribed for an amount of $371,542, or 24.8 percent of the total placement. Per the update, proceeds from the offering will be used for the development of the company’s New Brunswick hemp cultivation and extraction project, to fund due diligence on potential acquisitions and to bolster the company’s working capital reserves.
To view the full press release, visit http://cnw.fm/bSIl6
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. For more information, visit the company’s website at www.GlobalHempGroup.com
More from CannabisNewsBreaks
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
For more information please visit https://www.CannabisNewsWire.com