Vancouver, BC – TheNewswire – June 22, 2021 – GLOBAL HEMP GROUP INC. (“GHG” or the “Firm”) (CSE:GHG) / (OTC:GBHPF) / (FRANKFURT:GHG) / (CNSX:GHG.CN) is happy to announce that it has closed the transaction to accumulate a strategic industrial/industrial property in northwest Colorado (as announced on May 10, 2021). GHG has superior US$150,000 as a down fee on the property, with three equal funds equally spaced over the subsequent 18 months, for a complete acquisition worth of US$1.4 million.
This 44 acre multi-use property would be the web site of the Hemp Agro-Industrial Zone (HAIZ) manufacturing facility which can initially be targeted on hemp-based constructing supplies utilized on the Firm’s preliminary Deliberate Unit Improvement in northwest Colorado. Over time, the Firm expects to increase the manufacturing focus to embody the use the fibre from the hemp plant, along with the hemp hurd that will likely be used within the constructing supplies. The Colorado HAIZ is an thrilling alternative to implement the Firm’s imaginative and prescient of constructing a whole “inexperienced” and “sustainable” neighborhood using and showcasing hemp-based constructing supplies and as many inexperienced economic system applied sciences as doable, to draw and assist inexperienced neighborhood stakeholders, Authorities and trade assist and partnerships.
Additional to the GHG’s announcement on Might 17, 2021 relating to the securing of key annexed and entitled residential development land, the Firm is happy to report that the events have now accomplished all acceptable due diligence on the property. As provisioned within the contract, the US$250,000 earnest cash deposited with the title firm has turn out to be non-refundable and the acquisition has been scheduled for closing. Closing funds for the property are payable on or earlier than December 11, 2021. The ultimate buy worth for the property will likely be disclosed by the Firm on the acceptable time, accordingly an additional press launch shall be issued as required.
With the development on the above two properties, the Firm is now working with Land Planning and Engineering companies to develop the Firm’s imaginative and prescient for the challenge. Preliminary conferences have taken place with the Metropolis Planning Division to debate the challenge and set up particular design parameters for approval.
The Firm has cancelled the beforehand introduced (see information launch of Might 17, 2021 for particulars) non-brokered Unsecured Mortgage, for gross proceeds of as much as $750,000.
As an alternative, the Firm broadcasts that’s continuing with the assist of personal company lenders, with a financing of as much as $1.5 million of non-brokered 7% Secured Convertible Debentures. The Debenture has a Maturity Date of September 8, 2023 and shall bear curiosity on the fee of seven.0% each year, payable for the interval commencing on the Closing Date and ending on the sooner of the Maturity Date or the date the Debenture is transformed into items (“Items”). Minimal subscription per company lender will likely be $25,000. A finder’s price could also be payable to eligible finder’s or brokers per CSE tips.
The Firm is happy to announce that it has acquired subscription and proceeds to the above non-brokered Secured Debenture placement for whole gross proceeds of $500,000 and can proceed instantly to closing this primary tranche of the Debenture. The Firm anticipates closing of the total quantity of the Debenture with company lenders in two extra tranches on or earlier than July 30, 2021.
Every $1,000 principal quantity of Debenture is convertible, on the possibility of the holder, into Items consisting of 20,000 widespread shares of the Issuer (every a “Frequent Share”), issued at a worth of $0.05 per Frequent Share (the “Conversion Worth”), and 20,000 removable widespread share buy warrant (every a “Warrant”), every Warrant entitling the holder to accumulate one extra Frequent Share an train worth of $0.05 at any time after the date of issuance and previous to the shut of enterprise on the final enterprise day previous to the Maturity Date.
The warrants will likely be listed for buying and selling on the Canadian Securities Trade (the “CSE”) and may have similar phrases to the at the moment listed warrants buying and selling underneath the ticker image GHG.WT. Within the occasion that the Issuer’s widespread shares commerce on the CSE (or such different trade on which the widespread shares could also be traded at such time) at a quantity weighted common worth of $0.12 per widespread share or extra for a interval of ten (10) consecutive buying and selling days, the Issuer could, in its sole discretion, speed up the expiry date of the warrants by giving discover to the holders thereof and, in such case, the warrants will expire on the thirtieth day after the date on which such discover is given to the holder by the corporate.
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About International Hemp Group Inc.
International Hemp Group Inc. (CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG) is concentrated on a executing a multi-phased technique of turning into a frontrunner within the improvement and promotion of the economic hemp know-how trade in america and past. The Firm is at the moment headquartered in Vancouver, British Columbia. The present section of the technique focuses on the event of “sustainable” and “inexperienced” value-added industrial hemp merchandise using the processing of the whole thing of the hemp plant for multi-merchantable purposes, as envisioned to be showcased within the Colorado Hemp Agro-Industrial Zone (HAIZ) challenge. This HAIZ would be the epicentre of a futuristic “Sustainable/Renewable and Regenerative Metropolis mannequin the Firm intends to “model” and duplicate sharing this mannequin with the World. To assist and innovate the HAIZ additional, International Hemp Group has established a Analysis and Improvement Division to actively pursue the event of Mental Property that may be patented for implementation regionally and for partnerships Globally. The Division is led by Prof. Víctor M. Castaño, Ph.D. from the Nationwide Autonomous College of Mexico, a extremely acknowledged chief in areas of utilized science and know-how. The R&D workforce brings a tremendous wealth of data and expertise in a number of disciplines and can initially concentrate on improvement of Environmentally-Pleasant Building Supplies, Nanofertilizers and Enhanced Extraction from Hemp.
For Additional Info Contact International Hemp Group
Curt Huber, President
Cautionary Observe Concerning Ahead Wanting Statements
Sure data set forth on this information launch could comprise forward-looking statements that contain substantial identified and unknown dangers and uncertainties. These forward-looking statements are topic to quite a few dangers and uncertainties, sure of that are past the management of International Hemp Group Inc., together with, however not restricted to the impression of basic financial circumstances, trade circumstances, volatility of commodity costs, forex fluctuations, dependence upon regulatory approvals, the supply of future financing and exploration threat, the legality of hashish and hemp. Readers are cautioned that the assumptions used within the preparation of such data, though thought-about cheap on the time of preparation, could show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking statements. Besides as required by regulation, International Hemp Group Inc. disclaims any intention and assumes no obligation to replace or revise any ahead wanting statements to mirror precise outcomes, whether or not on account of new data, future occasions, modifications in assumptions, modifications in components affecting such ahead wanting statements or in any other case.
The CSE has not reviewed and doesn’t settle for duty for the adequacy or accuracy of this launch.