Vancouver, British Columbia: Further to its news release dated February 4, 2021, HEMP FOR HEALTH INC. (CSE: HFH) (“H4H” or the “Company”) reports that the letter of intent whereby HFH is proposing to acquire 100% of the outstanding shares of Pacific Hemp Company Pty Ltd. (“PHC”) (the “Transaction”) has been amended (the “Amended LOI”). The Amended LOI extends the due diligence and exclusivity period to, and provides for the execution of a definitive agreement, on or before May 17, 2021.
In consideration of the extension, PHC will advance €100,000 to the Company as a refundable deposit, should the Transaction not close. “Both parties are anxious to proceed and complete the Transaction that involves advanced hemp-based technologies which, together with government financing programs and PHC’s private placement, are expected to quickly propel the business into global markets,” said Robert Eadie, President and CEO of the Company.
The Transaction is being negotiated at arm’s length. The Transaction will constitute a fundamental change under the policies of the Canadian Securities Exchange (the “CSE”), and as such, it will require approval of the CSE and the shareholders of HFH. Trading of HFH’s common shares on the CSE will remain halted pending closing of the Transaction.
Further details regarding the Transaction will follow in subsequent news releases and the Information Circular to be prepared for the purpose of obtaining shareholders’ approval.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, President, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 416-640-1936 x 203
Toll Free: 1-866-602-4935
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This news release does not constitute an offer of sale of any securities in the United States. None of the Company’s securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 ability to close the Transaction; the terms and conditions of the proposed Transaction; the terms and conditions of PHC’s proposed private placement; payment by PHC of the €100,000 refundable deposit; the availability of government financing programs; and the business and operations of the company after the proposed Transaction. 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. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with the Company’s activities, lack of investor interest in PHC’s proposed private placement; requirements for additional capital; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits needed by the Company’s operations; changes in laws, regulations, policies, and programs affecting the Cannabis industry, and so forth. 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. Hemp for Health disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Hemp for Health Inc:
Hemp for Health is a cultivator and distributor of premium CBD products with an exclusive, long-term contract for land with 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.)