Love Hemp Group PLC Announces Issue of Warrants and Issue of Equity
Love Hemp Group PLC (OTCQB: WRHLF) has announced the issuance of warrants and equity as part of recent fundraising efforts. A total of 15,746,325 warrants were issued with an exercise price of 3.5 pence, expiring on 12 April 2023. Additionally, 11,400,000 new Ordinary Shares were allotted at 3.5 pence each for debt repayments, totaling £399,000. Another 16,700,000 shares were issued to warrant holders at 1 pence each, raising £167,000. The new shares will be admitted to trading on AQSE from 15 June 2021.
- Issuance of 15,746,325 warrants may enhance cash flow for future operations.
- Total equity raised through share allotment amounts to £566,000, improving liquidity.
- Potential dilution of existing shareholders due to the issuance of new shares.
LONDON, ENGLAND / ACCESSWIRE / June 9, 2021 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), one of the UK's leading CBD and Hemp product suppliers, announces the issue of warrants and equity by the Company.
Issue of warrants
The Company has issued 15,746,325 warrants with an exercise price of 3.5 pence per warrant which vest immediately and expire on 12 April 2023. These warrants have been issued in connection with the recent fundraisings completed by the Company.
Issue of equity
The Company has allotted 11,400,000 new Ordinary Shares of 1 pence each in the Company ('New Ordinary Shares') at a price of 3.5 pence per share, in lieu of debt repayments and for services, for a total value of £399,000.
Further, the Company has received notifications from warrant holders to exercise warrants over an additional 16,700,000 New Ordinary Shares at a price of 1 pence per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holders for aggregate cash proceeds of £167,000.
The proceeds from the above will be used for general working capital purposes.
Application will be made for the New Ordinary Shares to be admitted to trading on the AQSE Growth Market and admission is expected to become effective, and dealings in the New Ordinary Shares are expected to commence, on 15 June 2021.
Following this issue, the Company has 829,145,188 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 829,145,188 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.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
Andrew Male
Chairman & Director
+44 (0) 7926 397 675
andrew@lovehempgroup.com
AQSE Corporate Adviser
Mark Anwyl/Allie Feuerlein
Peterhouse Capital Limited
+44 (0) 20 7469 0930
ma@peterhousecap.com
af@peterhousecap.com
Financial PR
Tim Blythe
Alice McLaren
Madeleine Gordon-Foxwell
+44 (0) 207 138 3205
lovehemp@blytheweigh.com
Financial Advisor
Rupert Fane
H&P Advisory Limited
+44 (0) 20 7907 8500
rf@hannam.partners
For more information on Love Hemp Group please visit: www.lovehempgroup.com
About Love Hemp Group
The Company, previously World High Life plc, was incorporated on 30 January 2019 as an Investment Vehicle. Originally intended to identify opportunities in the CBD and Medicinal Cannabis space, it quickly acquired Love Hemp Ltd., the UK's most recognisable CBD brand. The listed company recently changed its name to Love Hemp Group plc as part of its evolving strategy to purely focus on supporting the 'best in class' CBD brand as it embarks on a wider expansion of its core business and offering.
Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading retailers such as Sainsbury's, Boots, Ocado and Holland & Barrett.
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/651123/Love-Hemp-Group-PLC-Announces-Issue-of-Warrants-and-Issue-of-Equity
FAQ
What warrants did Love Hemp Group issue on June 9, 2021?
How much equity did Love Hemp Group raise in June 2021?
When will the new shares be traded on AQSE?
How many Ordinary Shares are currently in issue for Love Hemp Group?
