Vancouver, British Columbia: HEMP FOR HEALTH INC. (CSE:HFH) (FSE:9HH) (the “Company” or “HFH”) is pleased to announce that it has closed Tranche 1 of its recently announced non-brokered private placement (the “Financing”), raising $1,020,000 in gross proceeds through the issuance of 5,100,000 units (the “Units”) at a price of $0.20 per Unit. (See press release of February 19, 2020.) Each Unit is comprised of one common share and one-half of one common share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder to purchase one common share (a “Share”) of the Company at a price of $0.30 per Share for a period of two years following the closing date, subject to an accelerated expiry if the closing price of the Shares is equal to or greater than $0.50 per Share for 30 consecutive trading days at any time following four months after the date of closing.
As disclosed in its February 19th, 2020 press release, the Company intends to use the proceeds from the Financing to fund its farming activities in the Tuscan region of Italy and for general working capital purposes.
Aggregate compensation of $57,600.00 and 144,000 finders’ warrants (having the same general terms as the Warrants) was paid by the Company to Canaccord Genuity Corp. as a finders’ fee for the portion of the Financing attributable to their efforts.
All securities issued in connection with the Financing are subject to a hold period of four months and one day in accordance with the rules and policies of the Canadian Securities Exchange and applicable Canadian securities laws. The Company has 25,162,001 common shares issued and outstanding following the completion of the Financing.
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 wwwxcar.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
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the use of funds; the business and operations of the Company after the closing of the Financing; and the relisting of the Company’s shares on the Canadian Securities Exchange. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.