Love Hemp Group PLC Announces Result of Subscription

Rhea-AI Summary

Love Hemp Group PLC (OTCQB:WRHLF) has successfully raised £2,350,000 through the subscription of 67,142,857 new ordinary shares at a price of 3.5p each. The funds will be allocated to general working capital and to enhance marketing efforts, as previously announced. Admission to the Access segment of the AQSE Growth Market is expected on 3 June 2021. The Chairman expressed confidence in the strong investor interest and the potential for future growth as the company aims for a Main Market listing.

Positive

• Successful fundraise of £2,350,000 indicates strong investor demand.
• Funding will support marketing efforts and working capital, positioning for future growth.

Negative

• None.

LONDON, UK / ACCESSWIRE / May 28, 2021 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), one of the UK's leading CBD and hemp product suppliers, is pleased to announce that, further to the Company's announcement released at 18:01 BST on 25 May 2021, the Bookbuild closed at 17:00 BST on 27 May 2021 and the Company has conditionally raised gross proceeds of £2,350,000 through the successful Subscription for 67,142,857 of new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at a price of 3.5p per share (the "Fundraise").

The gross proceeds of the raise will be used for general working capital as well as to support the Company's marketing efforts as highlighted by the marketing appointments and sponsorship agreements announced earlier this month.

Application will be made for the New Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market ("Admission"). It is expected that Admission will take place at or around 08:00 ‎BST on 3 June 2021. The Fundraise is conditional upon ‎becoming effective.

Andrew Male, Chairman and Director of Love Hemp Group commented: "This fundraise has proved the strong appetite from both retail and institutional investors and further underpins the strength of our brand.

"We are committed to future growth of the Company and the proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships. As we move towards a Main Market listing, I am pleased to see investor interest continue to improve and feel we have a very exciting journey ahead of us."

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 3204 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
www.worldhighlife.uk

About Love Hemp Group
The Company 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/649547/Love-Hemp-Group-PLC-Announces-Result-of-Subscription

FAQ

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

Love Hemp Group raised £2,350,000 through the subscription of new ordinary shares.

When is the expected admission date for the new shares on the AQSE Growth Market?

The expected admission date for the new shares is 3 June 2021.

What will the proceeds from the fundraise be used for?

The proceeds will be used for general working capital and to enhance the company's marketing efforts.

What is the subscription price for the new ordinary shares?

The subscription price for the new ordinary shares is 3.5p each.

What does the strong investor interest indicate for Love Hemp Group?

The strong investor interest indicates confidence in the company's brand and growth potential.