Broker Option Increased and Fully Subscribed
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF ), one of the UK’s leading CBD and hemp product suppliers, is pleased to announce that the Broker Option (the “Broker Option”) granted to Peterhouse Capital Limited (“Peterhouse”) in connection with the placing and subscription announced by the Company on 8 April 2021 (the “Fundraise”), closed to applications at 17.00 on 9 April 2021.
The Broker Option was significantly oversubscribed and has been exercised in respect of 57,650,428 ordinary shares of 1p each in the Company (“Ordinary Shares”), an increase of approximately 100% on the number of Ordinary Shares originally subject to the Broker Option. Peterhouse, in consultation with the Company, has therefore determined that all valid applications under the Broker Option will be allocated in full and counterparties will be notified accordingly.
Exercise of the Broker Option will raise a further £2,017,765 for the Company, taking the total amount raised by the Company in the Fundraise to £7,042,765 (gross of expenses).
The proceeds of the Fundraise will be applied towards the Company’s new global marketing programme, which will be implemented across the UK and US and includes a partnership with UFC (Ultimate Fighting Championship) as announced on 16 March 2021, as well as for general corporate purposes.
Application has been made to the Aquis Stock Exchange for the Ordinary Shares being issued under the Broker Option to be admitted to trading on the AQSE Growth Market (“Admission”). Admission is expected to become effective, and trading in the Ordinary Shares is expected to commence, at 8.00 a.m. on 13 April 2021.
Following Admission, the Company’s issued share capital will comprise 688,988,046 Ordinary Shares, each share carrying the right to one vote. The figure of 688,988,046 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Andrew Male, Chairman of Love Hemp Group, commented: “Following a successful initial fundraise, the continued investor interest highlights the strength of the Company and its investment thesis. Love Hemp Group has a strong marketing programme and these funds will help promote the brand globally. I look forward to seeing the Company continue to move from strength to strength.”
The Directors of the Company accept responsibility for the contents of this announcement.
About Love Hemp Group
The Company, previously World High Life plc, was incorporated on 30 January 2019 as an Investment Vehicle. Originally intended to identify opportunities in the CBD and Medicinal Cannabis space, it quickly acquired Love Hemp Ltd., the UK’s most recognisable CBD brand. The listed company recently changed its name to Love Hemp Group plc as part of its evolving strategy to purely focus on supporting the “best in class” CBD brand as it embarks on a wider expansion of its core business and offering.
Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading retailers such as Sainsbury’s, Boots, Ocado and Holland & Barrett.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
