pcNewsWire – Hempco Food and Fiber Inc. (TSX-V: HEMP) intends to close a non-brokered private placement of up to 11,382,113 units at $0.3075 per unit for gross proceeds of up to $3,499,999.75
The proceeds will be used for working capital purposes: new hires, marketing, equipment purchase and installation, quality control and software systems implementation.
Hempco Food and Fiber Inc. – Private Placement – Operating Capital
HEMPCO FOOD AND FIBER INC. CORPORATE DEVELOPMENTS
Symbol: TSX.V – HEMP
VANCOUVER, June 7, 2017 /CNW/ – Hempco Food and Fiber Inc. (TSX.V: HEMP) (“Hempco®”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 11,382,113 units at $0.3075 per unit, each unit consisting of one common share of Hempco and one warrant to purchase one common share of Hempco (a “Warrant”). Each Warrant shall be valid for 2 years and shall be exercisable at a purchase price of $0.41 per warrant. Closing of the Offering is subject to a number of conditions, such as approval from the TSXV and satisfactory due diligence by the subscriber.
The private placement is subject to TSX Venture Exchange approval. The proceeds will be used for working capital purposes: new hires, marketing, equipment purchase and installation, quality control and software systems implementation.
All securities issued under the private placement are subject to a four month and one day hold period.
We seek Safe Harbor.
ON BEHALF OF THE BOARD
Chief Executive Officer
HEMPCO FOOD AND FIBER INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.