Global Hemp arranges $250,000 debenture financing
2014-11-17 16:11 ET - News Release
Mr. Charles Larsen reports
GLOBAL HEMP GROUP ANNOUNCES CONVERTIBLE DEBENTURE FINANCING
Global Hemp Group Inc. (GHG) will be proceeding with a non-brokered private placement convertible debenture for up to $250,000. The debenture will have an effective annual interest rate of 15%. No interest will be paid during the three year term but will accrue until maturity or until conversion. Each $1,000 of the debenture will come with 28,571 warrants exercisable at a price of $0.05 for a period of three years. The debenture is convertible into shares of the Company at $0.035 at any time during the three year period of the note. This convertible debenture is subject to regulatory approval.
The funds raised from this financing will be used to complete the Company`s E-Commerce website, to launch its hemp trading and advisory business and for general working capital purposes.
Due to market conditions, the Company will not be proceeding with the remaining balance of its $1.5 Million private placement equity unit offering. On July 29th the Company announced that it had successfully completed an initial closing of $466,810.
The Company also announces that Mikhail Gurfinkel has stepped down from the Board of Directors and Chief Legal Council. Curt Huber has been appointed to the Board of Directors to replace Mr. Gurfinkel.
Mr. Huber is an independent corporate and financial consultant. He has been involved in all facets of public companies for more than 25 years. He is an experienced director and senior officer who has represented public companies in many different sectors: mining, oil and gas, and technology. In addition, he has provided investor relation services, raised financing in the public markets and built corporate awareness for the companies with which he has been associated. He is currently the President & CEO of Chimata Gold Corp (TSX.V CAT) and a Director of Maxtech Ventures Inc. (CSE MVT) and Orofino Gold Corp. (TSX.V ORR).
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