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Vancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTCQB: GBHPF) (FSE: GHG) ("GHG" or the "Company") announces that the Company intends to complete a non-brokered private placement, as detailed below, and has engaged consultants to assist in the launch of a Securitized Token to fund the development of its Green Community/Hemp Agro-Industrial Zone project in Hayden, Colorado.
Global Hemp Group in collaboration with Western Sierra Resource Corporation (OTC: WSRC) are developing a Planned Green Community that is a "vertically integrated" project and contemplates the beneficial use of substantial existing water infrastructure to cultivate irrigated industrial hemp; process the hemp in the on-site manufacturing facility for green and renewable construction products; and finally, to build affordable carbon neutral/carbon negative housing - all in one location under the Company's Master Plan.
Details of the Non-Brokered Placement
The non-brokered private placement will consist of up to 60,000,000 units ("Units") at a price of $0.022 per Unit for gross proceeds of $1,320,000 (the "Private Placement"). Each unit is comprised of one common share of the Company (a "Common Share" and collectively, the "Common Shares") and one common share purchase warrant (each whole warrant a "Warrant" and collectively, the "Warrants") of the Company. Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.05 per Common Share for a period expiring on September 8, 2023. The warrants will be listed for trading on the CSE after the expiry of the hold period and will have identical terms to the listed warrants of the Company currently outstanding and trading under the ticker symbol GHG.WT. In the event that the Company's common shares trade on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded at such time) at a volume weighted average price of $0.12 per share or more for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will expire on the 30th day after the date on which such notice is given to the holder by the Company. All securities issued are subject to a four-month plus a day hold period from the date of issuance in accordance with applicable securities laws.
Furthermore, and in light of the accelerated and institutional adoption of cryptocurrencies worldwide, the Company has decided to aggressively explore a concurrent initiative whereas the Company wishes to complete a funding by tokenizing its Green Community/Hemp Agro-Industrial Zone project in Colorado, USA. This asset-based type of structure will enable GHG to partake in an innovative and non-dilutive funding for the project. The terms and conditions of such funding are yet to be finalized and accordingly, the Company will soon be able to issue a news release explaining the various components, intricacies and legalities of this endeavor.
The net proceeds from these funding initiatives will be used for the continuing development of the Green Community/Hemp Agro-Industrial Zone project in Colorado, the expansion of the Company's Mexican project initiatives and R&D Division, and general working capital purposes. A Finder's Fee may be paid in conjunction with the non-brokered private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTCQB: GBHPF) (FSE: GHG) is focused on a executing a multi-phased strategy to become a leader in the industrial hemp industry in the United States. The Company is headquartered in Vancouver, British Columbia. The current phase of the strategy focuses on the development of "sustainable" and "green" value-added industrial hemp products utilizing the processing of the entirety of the hemp plant for multi-merchantable applications, as will be showcased at the Colorado Hemp Agro-Industrial Zone (HAIZ) project in Hayden Colorado.
To further support and innovate the HAIZ, Global Hemp Group has established a Research and Development Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. from the National Autonomous University of Mexico (UNAM), a highly recognized leader in areas of applied science and technology. The R&D team brings an amazing wealth of knowledge and experience in multiple disciplines and will initially focus on development of Environmentally-Friendly Construction Materials, Nanofertilizers and Enhanced Extraction from Hemp.
Cautionary Note Regarding 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, the legality of cannabis and hemp. 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. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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