Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), one of the UK's leading CBD and hemp product suppliers, is pleased to announce that, further to the Company's announcement released at 18:01 BST on 25 May 2021, the Bookbuild closed at 17:00 BST on 27 May 2021 and the Company has conditionally raised gross proceeds of £2,350,000 through the successful Subscription for 67,142,857 of new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at a price of 3.5p per share (the "Fundraise
The gross proceeds of the raise will be used for general working capital as well as to support the Company's marketing efforts as highlighted by the marketing appointments and sponsorship agreements announced earlier this month.
Application will be made for the New Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market ("Admission"). It is expected that Admission will take place at or around 08:00 BST on 3 June 2021. The Fundraise is conditional upon becoming effective.
Andrew Male, Chairman and Director of Love Hemp Group commented: "This fundraise has proved the strong appetite from both retail and institutional investors and further underpins the strength of our brand.
"We are committed to future growth of the Company and the proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships. As we move towards a Main Market listing, I am pleased to see investor interest continue to improve and feel we have a very exciting journey ahead of us."
For further information please contact:
AQSE Corporate Adviser
H&P Advisory Limited
+44 (0) 20 7907 8500
About Love Hemp Group
The Company 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.
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SOURCE: Love Hemp Group PLC
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