Subscription to raise a minimum of £2.0 million and record day of sales
Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), one of the UK's leading CBD and hemp product suppliers, is pleased to announce that it has raised £2.0 million by way of a Subscription (the "Fundraise") of new ordinary shares of 0.1 pence each in the Company ("New Ordinary Shares") at a price of 3.5p per share, a 7.7% premium to the closing price on 25 May 2021, as well as reporting a record day of sales on 20 May 2021 exclusively through its love-hemp.com e-commerce site
The Fundraise is by way of Subscription Units, with each Subscription Unit comprising one New Ordinary Share at a price of 3.5p per share and a ½ warrant exercisable for 90 days post-closing of the Bookbuild, also at 3.5p per share. The Bookbuild led by Hannam Partners will be closed at 17:00 BST on Thursday 27 May 2021, allowing early-stage investors to participate and increase their shareholdings in Love Hemp. This Fundraise follows a successful £7 million fundraise as announced on 8 April 2021.
The proceeds of the Fundraise will be used for administrative purposes as well as to support the Company's marketing efforts as highlighted by the marketing appointments and sponsorship agreements announced earlier this month.
The final number of New Ordinary Shares to be issued will be announced following the closing of the Bookbuild process. The New Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of Love Hemp.
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, Admission becoming effective.
Record Day of Sales
Love Hemp held its online Drop Day sale on 20 May 2021, in which it's ecommerce platform, www.love-hemp.com, received over 1400 orders in a 14-hour period. During this time, the brand sold 3,415 units resulting in £86.4k of total sales; marking the biggest day of sales that Love Hemp has ever had online and beating the forecasts for the event.
Andrew Male, Chairman and Director of Love Hemp Group commented: "This fundraise, coupled with the placing in early April, demonstrates a strong appetite for the Love Hemp brand and a strong belief in our expansion strategy. Love Hemp Group has undergone a number of changes in the past six months as we have revised our focus and streamlined the Company.
"I am proud of the work that has been done to get the Company into such a robust position and am confident that it will continue to go from strength to strength whilst providing our shareholders with a good return on their investment."
Tony Calamita, Chief Executive Officer of Love Hemp Group, commented: "This fundraise coupled with the success of our online sale is outstanding and truly highlights the Company's reputation as an industry leader as well as the support from our customers. The Love Hemp brand continues to strengthen, and I am so proud of what we have achieved in a very short time.
"The impressive sales seen during Love Hemp's Drop Day sale gives me confidence that our consumer base will continue to grow as we expand operations and build a globally recognised brand."
For further information please contact:
Chairman & Director
+44 (0) 7926 397 675
AQSE Corporate Adviser
+44 (0) 207 138 3204
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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