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Fundraising, Subscription by Directors and Love Hemp Q1 Trading Update
World High Life Plc ("World High Life" or the "Company") (AQSE:LIFE) (OTCQB:WRHLF) announces that it has raised £566,206 via the issue of 56,620,600 ordinary shares of 1 pence each in the Company ("Ordinary Shares"; the "Subscription Shares") at a subscription price of 1.0p per share. The proceeds of the Subscription Shares will be used by the Company for general working capital purposes
Subscribers for the Subscription Shares also received 1 share purchase warrant for every 1 Ordinary Share subscribed for, amounting in aggregate to 56,620,600 warrants ("Warrants"). The Warrants may be exercised at any time until 2 years from the closing of this financing at an exercise price of 1.0p per Ordinary Share.
Andrew Male and Robert Payment, Executive Directors of World High Life, subscribed for 4,000,000 and 350,000 Subscription Shares, respectively. Andrew Male is now interested in 4,709,625 Ordinary Shares, representing 1.6% of the Company's issued share capital, and Robert Payment is now interested in 1,307,778 Ordinary Shares, representing 0.5% of the Company's issued share capital.
Application has been made for the Subscription Shares to be admitted to trading on the AQSE Growth Market and admission is expected to become effective on 2 February 2021.
Following the issue of the Subscription Shares, the Company has 286,740,419 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 286,740,419 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 Guidance and Transparency Rules.
In addition, the Directors are pleased to announce that Love Hemp Limited ("Love Hemp"), a wholly owned subsidiary of World High Life, achieved 1st quarter unaudited sales (1 July - 30 September 2020), of £793,500 ($1,070,000). These sales represent an increase of approximately 13% over the previous quarter.
The increase in sales represent a strong increase during the COVID 19 pandemic across all platforms: Love Hemp, CBDOilsUk.com, LH Life and wholesale activities, including LH Botanicals," noted Tony Calamita, Love Hemp Founder and CEO. "Love Hemp has developed and strengthened a multi-platform brand strategy during the pandemic that we believe provides a launch pad for future growth".
Q1 Highlights
- Revenue up 13% compared to previous 3 months
- Conversion rate up 12% compared to previous 3 months
- Over 14,000 units sold online
- Over 5,000 customer accounts created
The Directors of the Company accept responsibility for the contents of this announcement.
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 1,200 stores in the UK, including leading brands such as Ocado, Holland & Barrett and WH Smith.
About World High Life
World High Life was established by the founders of Supreme Cannabis (TSX: FIRE), and 1933 Industries (CSE: TGIF), both companies at the forefront of the legalized cannabis industry. LIFE was established 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:
Andrew Male | |
AQSE Corporate Adviser |
For more information on World High Life please visit: www.worldhighlife.uk
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
a) | Name: | Andrew Male | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status: | Director | ||||||||
b) | Initial notification/Amendment: | Initial notification | ||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name: | |||||||||
b) | LEI: | 213800ERYVHIGFSPMM75 | ||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 GB00BK26FQ62 | ||||||||
b) | Nature of the transaction: | Subscription of ordinary shares and grant of warrants | ||||||||
c) | Price(s) and volume(s): | Ordinary Shares:
Warrants:
| ||||||||
d) | Aggregated information: Aggregated volume: Price: | Ordinary Shares:
Warrants:
| ||||||||
e) | Date of the transaction: | 2021-01-27 | ||||||||
f) | Place of the transaction: | Off-market | ||||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
a) | Name: | Robert Payment | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status: | Director | ||||||||
b) | Initial notification/Amendment: | Initial notification | ||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name: | |||||||||
b) | LEI: | 213800ERYVHIGFSPMM75 | ||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of £0.01 GB00BK26FQ62 | ||||||||
b) | Nature of the transaction: | Subscription of ordinary shares and grant of warrants | ||||||||
c) | Price(s) and volume(s): | Ordinary Shares:
Warrants:
| ||||||||
d) | Aggregated information: Aggregated volume: Price: | Ordinary Shares:
Warrants:
| ||||||||
e) | Date of the transaction: | 2021-01-27 | ||||||||
f) | Place of the transaction: | Off-market | ||||||||
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.
Cautionary Note Regarding Forward Looking Information
We seek safe harbour. Some statements contained in this news release are "forward looking information" within the meaning of securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds of the non-brokered private placement and payment of the debt settlements. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual results to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. We do not undertake to update any estimate at any particular time or in response to any particular event, except as required by law.
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SOURCE:World High Life Plc
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