LONDON, UK / ACCESSWIRE / March 11, 2021 / Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), is pleased to announce that all resolutions were duly passed at the General Meeting of the Company held today.
Accordingly, as per the announcement of 19 February 2021, a total of 86,096,355 ordinary shares of 1p each in the Company "(Ordinary Shares") will be allotted at a price of 2.5p per share in relation to the conversion of Convertible Debentures and in exchange for debt.
In addition, the Company has also issued a further 229,415 Ordinary Shares at a price of 2.5p per share for the settlement of fees in lieu of cash.
Application will be made for the 86,325,770 new Ordinary Shares to be admitted to trading on the AQSE Growth Market and admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, on 16 March 2021.
Following this issue, the Company's has 487,766,189 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 487,766,189 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 and Director of Love Hemp Group, says "With the conversion of the Convertible Debentures that were originally used to finance the Company and the settlement of other liabilities through share issues, we have now eliminated approximately £4.5m in debt.
"This action positions the Group with little to no debt and effectively concludes the housekeeping actions we embarked on some 3 months ago. The change of name to Love Hemp Group plc has helped align the listed company with our operational entity and we look forward to building the brand, product line and overall business going forward in support of Tony Calamita, CEO of Love Hemp Group and co-founder of Love Hemp Ltd."
About Love Hemp
Love Hemp is one of the UK's leading CBD and Hemp product suppliers and has more than 40 product lines, comprising oils, sprays and vapes 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 brands such as Sainsbury's, Boots, Ocado and Holland & Barrett.
Love Hemp is positioned to take advantage of the huge opportunities available in the UK and European legal cannabis space, which is set to be the largest in the world within five years.
For further information please contact:
Chairman & Director
+44 (0) 7926 397 675
+44 (0) 207 318 3205
H&P Advisory Limited
+44 (0) 20 7907 8500
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SOURCE: Love Hemp Group PLC