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 | +44 (0) 7926 397 675 |
Financial Advisor Rupert Fane/Nilesh Patel H&P Advisory Limited | +44 (0) 20 7907 8500 |
AQSE Corporate Adviser Mark Anwyl Peterhouse Capital Limited | +44 (0) 20 7469 0930 |
Financial PR Tim Blythe/Madeleine Gordon-Foxwell Blytheweigh | +44 (0) 207 138 3204 |
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.
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SOURCE: Love Hemp Group PLC