Vancouver, BC — (December 19, 2016) — GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / FRANKFURT: GHG / OTC: GBHPF) announces that it has completed the first tranche of a non‐brokered private placement (the "Offering") pursuant to which it has issued an aggregate of 1,600,000 units ("Units) at a price of $0.03 per Unit to raise aggregate gross proceeds of $48,000. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $0.05 until December 18, 2021.
Proceeds of the Offering will be used for payment of outstanding debt and working capital for project investigation. All securities issued and issuable in connection with the first tranche of the Offering are subject to a statutory hold period expiring on April 20, 2017.
On behalf of the Board of Directors,
President & CEO
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.