Subscription to raise a minimum of £ 2.0million and a record day of sales
LONDON, UK / ACCESSWIRE / May 25, 2021 / Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading suppliers of CBD and hemp products, is pleased to announce that it has raised £ 2.0million through a subscription (the ‘Fundraiser ”) New ordinary shares of 0.1 pence each in the company (“ new ordinary shares ”) at a price of 3.5 pence per share, a premium of 7.7% over the closing price on May 25, 2021 , as well as to declare a record day of sales on May 20, 2021 exclusively via its e-commerce site love-hemp.com.
Fundraising is carried out by means of subscription units, each subscription unit comprising one new ordinary share at a price of 3.5 pence per share and a ½ subscription warrant which can be exercised for 90 days after the closing of the Bookbuild, also at 3.5 pence per share. The Bookbuild run by Hannam Partners will close at 5:00 p.m. BST on Thursday, May 27, 2021, allowing early stage investors to participate and increase their holdings in Love Hemp. This fundraiser follows a successful £ 7million fundraiser, as announced on April 8, 2021.
Proceeds from the fundraiser will be used for administrative purposes as well as to support the company’s marketing efforts, as highlighted in the marketing meetings and sponsorship deals announced earlier this month.
The final number of New Ordinary Shares to be issued will be announced after the conclusion of the Bookbuild process. The New Ordinary Shares, once issued, will be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares of Love Hemp.
A request will be made for the admission of the New Ordinary Shares to trading on the Access segment of the AQSE Growth Market (“Admission”). Admission is scheduled to take place around 8:00 am BST on June 3, 2021. Fundraising is conditional on entry into force of admission.
Record sales day
Love Hemp hosted their Drop Day online sale on May 20, 2021, in which their e-commerce platform, www.love-hemp.com, received more than 1,400 orders in 14 hours. During this time, the brand sold 3,415 units, or £ 86.4k in total sales; marking Love Hemp’s biggest day of sales ever online and surpassing expectations for the event.
Andrew Male, President and Director of Love Hemp Group, commented: “This fundraising, coupled with the placement 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 over the past six months as we have revised our focus and streamlined the business.
“I am proud of the work that has been done to put the company in such a strong position and I have no doubts that it will continue to grow better and better while providing our shareholders with a good return on investment.”
Tony Calamita, CEO of Love Hemp Group, commented: “This fundraising, coupled with the success of our online sales, is exceptional and truly enhances the company’s reputation as an industry leader as well as the support of our customers. The Love Hemp brand continues to grow stronger and I am very proud of what we have accomplished in a very short period of time.
“The impressive sales seen from Love Hemp’s Drop Day Sale give me confidence that our consumer base will continue to grow as we grow our business and build a globally recognized brand.
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About Love Hemp Group
The company was incorporated on January 30, 2019 as an investment vehicle. Initially aimed at identifying opportunities in the CBD and medicinal cannabis space, he quickly acquired Love Hemp Ltd., the UK’s most recognizable CBD brand. The publicly traded company recently changed its name to Love Hemp Group plc as part of its scalable strategy to focus solely on supporting the ‘best in class’ CBD brand as it embarks on a wider expansion of its activity and its basic offer.
Love Hemp produces and supplies over 40 product lines, including 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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