Vancouver, BC — (December 17, 2015) — GLOBAL HEMP GROUP INC. (“GHG” or the Company”) (CSE: GHG / FRANKFURT: GHG / OTCQB: GBHPF) announces the closing of a first tranche of of its non-brokered private placement of unsecured convertible debenture units (the “Offering”).
The debenture will have an annual interest rate of 15% per annum. No interest will be paid during the three-year term but will accrue until maturity or conversion. Each of the debenture will come with 20,000 warrants exercisable at a price of for a period of three years. The debenture is convertible into shares of the Company at at any time during the three year period of the note. The proceeds of the CD will be used for working capital and general corporate purposes. The first tranche consists of cash and in exchange for forgiveness of indebtedness for monies previously paid on behalf of the Company. No finder’s fee was paid on this transaction. All securities issued in connection with the Offering will be subject to a statutory four month hold period.
About Global Hemp Group Inc.
Global Hemp Group (“GHG”) is a publicly traded company founded in 2012, headquartered in British Columbia, Canada with base operations in Southern California, USA and having a strategic partnership in South Africa. The Company is focused on acquiring and/or joint venturing with companies across all sectors of the hemp and cannabis industries in an effort to build a “soil-to-shelf” portfolio of complementary companies that will enable GHG to capture cash flow, revenues and value from its acquisitions and establish a far greater collective valuation than GHG or the individual companies would have on their own.
On behalf of the Board of Directors
President & CEO
To view Global Hemp Group, Inc. on the Canadian Securities Exchange under symbol GHG click HERE.
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 Holdings 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.
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