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Love Hemp Group Plc has completed a successful £2m fundraise.
Love Hemp, a brand-led CBD-focused consumer goods company, has announced the success of its oversubscribed fundraising round.
The funds will go towards general working capital purposes and streamlining the business through various initiatives.
Chairman of Love Hemp Group, Andrew Male, said: “Love Hemp’s successful oversubscribed fundraise is fantastic result and is a great show of confidence in the Group and the direction that it is heading as we move to the Main Market.
“The funds raised will assist us in continuing with the marketing initiatives and streamlining of various operational aspects of the business, subsequently making it more efficient to increase shareholder value.
“We remain focused on driving Love Hemp’s growth and its reputation as a world-class CBD brand.”
The transaction, for which H&P Advisory Limited and Peterhouse Capital Limited acted as brokers, was completed by way of a placing and subscription of 206,000,000 new ordinary shares of 0.1 pence each in the company at a price of 1p per share.
Love Hemp has stated it will be making an application for the shares to be admitted to trading on the access segment of the AQSE Growth Market, with dealings expected to commence on Monday 14 February 2022.
In a recent update, CEO of Love Hemp Group, Tony Calamita, commented: “Love Hemp has initiated transformational changes to create ongoing efficiencies, increase organic sales growth across all channels and build greater shareholder value.
“Combined with recent board appointments, which takes us to another level, we are now well positioned for our move to the Main Market which is anticipated to be before the end of the first quarter.
“The funds raised through the latest financing round will be used to support this process as well as our streamlining initiatives.”
Following the issue, the Love Hemp will have 1,148,248,881 Ordinary Shares in issue, each share carrying the right to one vote.