Vancouver, BC — (March 2, 2017) — GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / FRANKFURT: GHG / OTC: GBHPF) announces the closing of the second tranche of the non-brokered private placement, consisting of 2,519,350 units (“Units”) at a price of $0.03 per Unit to raise aggregate gross proceeds of $75,580.50, and together with the closing of the first tranche, an aggregate of 4,119,350 Units have been issued for aggregate total proceeds of $123,580.50. (See press releases dated December 20, 2016).
Each Unit consists of one common share (“Common Share“) of the Company and one Common Share purchase warrant (“Warrant“). Each Warrant entitles the holder thereof to purchase one Common Share at $0.05 per share for a period of five years from closing.
Proceeds of the Offering will be used for payment of outstanding debt and working capital for project investigation. All securities issued in connection with the Second Tranche are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
On behalf of the Board of Directors
President & CEO