Hemp for Health Arranges Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2020) - HEMP FOR HEALTH INC. (CSE: HFH) (FSE: 9HH) (the "Company"), a cultivator and distributor of premium CBD products in Italy and other European countries, is pleased to announce that it has arranged a non-brokered private placement of up to $2,000,000 (the "Financing") through the issuance of up to 10,000,000 units (the "Units") at a price of $0.20 per Unit. Each Unit will be comprised of one common share and one-half of one common share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one common share of Hemp for Health at a price of $0.30 per share for a period of 24 months from closing. The term of the Warrants may be reduced should the Company's shares trade at or above $0.50 for 30 consecutive days on a Canadian stock exchange.
The Company may pay finders' fees equal to 8% in cash and 8% in warrants for subscriptions as may be attributable to such finders. Finders' warrants will be valid for a period of two years, with each warrant exercisable into one common share of the Company at a price of $0.30 per share (subject to acceleration).
The net proceeds of the private placement will be budgeted as follows:
|
| ( CAD$) |
|
Farmer Deposit | $ | 675,000 | |
Deposit on Seeds | 375,000 | ||
Consulting & Technical | 180,000 | ||
Operational/Facility Expenses in Italy | 560,000 | ||
Financing Fees | 160,000 | ||
Working capital and general corporate purposes |
| 50,000 | |
Total | $ | 2,000,000 |
There is no material fact or material change about the Company that has not been generally disclosed.
About Hemp for Health Inc.:
Hemp for Health is a cultivator and distributor of premium CBD products contracting farmers in the Tuscan region of Italy for the purpose of yielding the highest quality hemp-based CBD. Our focus is to offer the absolute best in natural and organic CBD products to our customers, and that starts with pristine soil, seeds, and sun. (See further details available in the Company's filings on SEDAR. www.sedar.com)
ON BEHALF OF HEMP FOR HEALTH INC.
(sgd.) Robert Eadie
President & CEO
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Evan Eadie
Telephone: 416-640-1936 x 203
Toll Free: 1-866-602-4935
Email: evan@hempforhealth.eu
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52535
