LOS ANGELES, CALIFORNIA--(Marketwired - July 29, 2014) - GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (OTCQB:GBHPF)(CSE:GHG)(FRANKFURT:GHG) is pleased to announce that the first tranche of the non-brokered private placement announced May 15, 2014 is now closed. The Company has now received subscriptions for a total of 4,668,104 units at a price of $0.10 per share, raising gross proceeds of CAD$466,810.44 for working capital purposes. 10,331,896 shares currently remain available for purchase in this private placement.
The units are comprised of one common share at $0.10 and one share purchase warrant at a price of $0.15 which expire 36 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.
No finder's fees will be paid in relation to this round of funding.
On behalf of the Board of Directors,
Charles Larsen, Chairman & CEO
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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 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.
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