Love Hemp Group PLC Announces Result of Fundraise

Rhea-AI Summary

Love Hemp Group PLC (OTCQB: WRHLF) has successfully completed a £2.0 million fundraising, announced on February 4, 2022, through the issuance of 206 million new ordinary shares at 1p each. The fundraising was oversubscribed and will be used for general working capital and business streamlining efforts. Following this transaction, the company will have 1,148,248,881 ordinary shares in issue. Admission of the new shares to the AQSE Growth Market is expected on February 14, 2022. Chairman Andrew Male emphasized the positive reception from investors and the company's growth trajectory in the CBD market.

Positive

• Successfully raised £2.0 million through an oversubscribed funding round.
• The funds will be used for general working capital and business initiatives to enhance operational efficiency.
• The company aims to increase shareholder value as it transitions to the Main Market.

Negative

• None.

LONDON, UK / ACCESSWIRE / February 8, 2021 / Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), the brand-led consumer goods company focused on CBD health and wellness solutions, is pleased to announce that is has successfully completed the £2.0 million fundraising which was announced on 4 February 2022.

The transaction was oversubscribed and completed by way of a placing and subscription of 206,000,000 new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at a price of 1p per share.

H&P Advisory Limited and Peterhouse Capital Limited acted as the Brokers in this transaction.

The funds raised will be used for general working capital purposes, as well as streamlining the business through various initiatives as highlighted in the recent Corporate Update.

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 Monday 14 February 2022.

Following this issue, the Company will have 1,148,248,881 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 1,148,248,881 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.

Andrew Male, Chairman of Love Hemp Group, said: "Love Hemp's successful oversubscribed fundraise is fantastic result and is a great show of confidence in the Group and the direction that it is heading as we move to the Main Market. The funds raised will assist us in continuing with the marketing initiatives and streamlining of various operational aspects of the business, subsequently making it more efficient to increase shareholder value. We remain focused on driving Love Hemp's growth and its reputation as a world-class CBD brand."

-ENDS-

For further information please visit: www.lovehempgroup.comor contact:

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

About Love Hemp Group

Love Hemp Group isa brand-led consumer goods company focussed 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/687779/Love-Hemp-Group-PLC-Announces-Result-of-Fundraise

FAQ

What was the amount raised by Love Hemp Group in their recent fundraising?

Love Hemp Group raised £2.0 million in a recent fundraising effort.

What is the stock symbol for Love Hemp Group?

The stock symbol for Love Hemp Group is WRHLF.

When will the new shares of Love Hemp Group start trading?

The new shares of Love Hemp Group are expected to start trading on February 14, 2022.

How many new shares were issued by Love Hemp Group during the fundraising?

Love Hemp Group issued 206 million new ordinary shares at a price of 1p each.

What will the raised funds be used for?

The raised funds will be used for general working capital and streamlining business operations.