Love Hemp Group PLC Announces Directorate Change and Issue of Shares for Debt

Rhea-AI Summary

Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF) announced a corporate update on February 22, 2022, highlighting key changes in its Board of Directors. Graham Mullis and Garry Cook have joined as Non-Executive Directors, while James Ward has resigned. The company completed its shares for debt program, converting £505,557 into 50,555,750 new ordinary shares at 1p each. This move, alongside a recent £2.0 million oversubscribed fundraising, aims to bolster the company's balance sheet. The new shares will start trading on the AQSE Growth Market on February 25, 2022.

Positive

• Appointment of Graham Mullis and Garry Cook as Non-Executive Directors strengthens the board.
• Successfully completed shares for debt program, converting £505,557 into shares, improving liquidity.
• Oversubscribed fundraising of £2.0 million enhances financial stability.

Negative

• None.

LONDON, UK / ACCESSWIRE / February 22, 2022 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), the brand-led consumer goods company focused on CBD health and wellness solutions, is pleased to provide a further corporate update.

Board Update

As announced on 4 February 2022, Graham Mullis and Garry Cook have now officially joined the Love Hemp Board as Non-Executive Directors. Following these appointments, the Company announces that James Ward has resigned as a Non-Executive Director of the Company.

The Board thanks James for his involvement in enhancing Love Hemp's reporting and governance, which the new Non-Executive Directors will build upon as the Company moves to the Main market of the London Stock Exchange.

Shares for Debt

Love Hemp has also now completed its shares for debt programme that was originally announced on 4 February 2022 that has seen a total of £505,557 of debt converted and capitalised into 50,555,750 new ordinary shares of 1 pence each in the Company ("New Ordinary Shares") at a price of 1p per share. This programme, in addition to the recently announced oversubscribed fund raise of £2.0 million, will strengthen the Company's balance sheet going forward and consolidate the Company's long-term relationships with some of its key suppliers.

Application will be made for the New Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market. Admission is expected to become effective, and dealings in the New Ordinary Shares are expected to commence, on Friday, 25 February 2022.

Following this issue, the Company has 1,198,804,631 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 1,198,804,631 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

-ENDS-

For further information please visit: www.lovehempgroup.com or contact:

Love Hemp Group Andrew Male Chairman & Director	+44 (0) 7926 397 675 andrew.male@lovehempgroup.com
Financial Advisor Rupert Fane H&P Advisory Limited	+44 (0) 20 7907 8500 rf@hannam.partners
AQSE Corporate Adviser Mark Anwyl Peterhouse Capital Limited	+44 (0) 20 7469 0930 ma@peterhousecap.com
Financial PR Tim Blythe/Alice McLaren/Madeleine Gordon-Foxwell Blytheweigh	+44 (0) 207 138 3204 lovehemp@blytheweigh.com

About Love Hemp Group

Love Hemp Group is a brand-led consumer goods company focused on health and wellness solutions for consumer use cases including sleep, pain, anxiety, stress and recovery. The Company is a pioneer in the UK-based premium high-quality CBD market, with over 40 products including oils, edibles, sprays, cosmetics and topicals. The Company's range of products are sold online across 70 websites and in over 2,000 stores including some of the biggest retailers in the UK, such as Holland & Barrett, Boots and Ocado. Listed on the Aquis Stock Exchange (AQSE: LIFE) the Company recently changed its name to Love Hemp Group plc, from World High Life, to better reflect its focus on supporting the "best in class" CBD brand as it embarks on a wider expansion of its core business and offering.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Love Hemp Group PLC

View source version on accesswire.com:
https://www.accesswire.com/689845/Love-Hemp-Group-PLC-Announces-Directorate-Change-and-Issue-of-Shares-for-Debt

FAQ

What recent changes occurred in Love Hemp Group's board of directors?

Graham Mullis and Garry Cook have officially joined as Non-Executive Directors, while James Ward has resigned.

What was the outcome of Love Hemp Group's shares for debt program?

The program converted £505,557 of debt into 50,555,750 new ordinary shares at a price of 1p each.

When will the new shares of Love Hemp Group be traded?

The new ordinary shares are expected to commence trading on the AQSE Growth Market on February 25, 2022.

How much funding did Love Hemp Group raise recently?

Love Hemp Group raised £2.0 million through an oversubscribed fundraising round.

What is the total number of ordinary shares issued by Love Hemp Group after the recent conversions?

The company has a total of 1,198,804,631 ordinary shares issued.