SURREY, BRITISH COLUMBIA--(Marketwired - April 4, 2014) - GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (CSE:GHG)(FRANKFURT:GHG) is pleased to announce that the non-brokered private placement announced March 26, 2014 is now closed. The company has now received subscriptions for a total of CAD$3,000,000 units at a price of $0.10 per share raising gross proceeds of CAD$300,000.00 for working capital purposes.
The units are comprised of one common share at $0.10 and one share purchase warrant at a price of $0.15 which expire 24 months from the date of distribution ("Share Purchase Warrant"). Any securities issued as a result of the Financing will be subject to a statutory hold period.
Finder's fees will be paid in relation to the financing via the issuance of 98,800 Finder's Warrants, having the same terms as the Share Purchase Warrants, plus a cash payment of CAD$9,880.00 representing 8% of the subscription value of found subscribers.
On behalf of the Board of Directors
Charles Larsen, Chairman & CEO
To view Global Hemp Group, Inc. on the Canadian Securities Exchange under symbol GHG click HERE.
To view Global Hemp Group, Inc. on the Boerse-Frankfurt Exchange/XETRA exchange under symbol GHG click HERE.
U.S. investors can purchase under symbol "GHG" on the Canadian Securities Exchange or symbol "GHG" on the Boerse-Frankfurt Exchange and XETRA Exchange. These shares are made available through your preferred U.S. Stock Broker.
This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or unless an exemption from such registration is applicable.
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 Holdings 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 CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.