SURREY, BRITISH COLUMBIA--(Marketwired - March 27, 2014) - GLOBAL HEMP GROUP INC. ("GHG" or the "Company") (CSE:GHG)(FRANKFURT:ANI) is pleased to announce that its previously announced private placement of three million units at a price of $.10 per unit (the "Units") was oversubscribed and the financing is now closed for additional commitments.
The Company received commitments in excess of the amount it sought to raise. The Company expects gross proceeds of CAD$300,000.00 (the "Financing"). The Company expects that the closing will take place on or around March 31, 2014.
The Company will issue 3,000,000 Units with each Unit consisting of one common share in the equity of GHG and one share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of $.15 per share for a period of twenty four (24) months after the close of the Financing. Any securities issued as a result of this Financing will be subject to a statutory hold period.
The funds raised from the Financing will be primarily used for working capital. There may be finder's fees and finders warrants paid in relation to this Financing. Finder's warrants will bear the same terms and conditions as the Warrants. Completion of the Financing is subject to the completion of formal documentation and may be subject to regulatory approval.
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 ANI click HERE.
U.S. investors can purchase symbol "GHG" on the Canadian Securities Exchange or symbol "ANI" on the Boerse-Frankfurt Exchange and XETRA Exchange. These shares are made available through your preferred U.S. Stock Broker.
On behalf of the Board of Directors
Charles Larsen, Chairman & CEO
To view Global Hemp Group Holdings Inc. on the Canadian Securities Exchange under symbol GHG. To view Global Hemp Group Holdings Inc. on the Boerse-Frankfurt Exchange under symbol ANI. U.S. investors can purchase under symbol "GHG" on the Canadian Stock Exchange or symbol "ANI" on the Boerse-Frankfurt Exchange. These shares are made available through your preferred 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.