Global Hemp Group Inc (GBHPF)

[BigNexEnd]

New PR---$GBPHF Will Remain Stuck in the Mud With More Cheap Warrants...

Again, the numbers are in CAD....

GLOBAL HEMP GROUP CLOSES SECOND TRANCHE OF ITS NON-BROKERED SECURED CONVERTIBLE DEBENTURE
Vancouver, BC -- (July 5, 2021) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG) announces that further to its news release of June 22, 2021, the Company has closed an additional $500,000 tranche of its previously announced non-brokered 7% Secured Convertible Debentures with the support of private corporate lenders. The Debenture has a Maturity Date of September 8, 2023 and shall bear interest at the rate of 7.0% per annum, payable for the period commencing on the Closing Date and ending on the earlier of the Maturity Date or the date the Debenture is converted into units (“Units”). Minimum subscription per corporate lender will be $25,000. A finder’s fee may be payable to eligible finder’s or agents per CSE guidelines.

The Company has now received subscription and proceeds to the above non-brokered Secured Debenture placement for total gross proceeds of $1,000,000 and will proceed immediately to closing this second tranche of the Debenture. The Company anticipates closing of the remaining $500,000 of the Debenture with corporate lenders before July 30, 2021.

Each $1,000 principal amount of Debenture is convertible, at the option of the holder, into Units consisting of 20,000 common shares of the Issuer (each a “Common Share”), issued at a price of $0.05 per Common Share (the “Conversion Price”), and 20,000 detachable common share purchase warrant (each a “Warrant”), each Warrant entitling the holder to acquire one additional Common Share an exercise price of $0.05 at any time after the date of issuance and prior to the close of business on the last business day prior to the Maturity Date.

In the event that the Company’s common shares trade on the CSE (or such other exchange on which the common shares may be traded at such time) at a volume weighted average price of $0.12 per common share or more for a period of ten (10) consecutive trading days, the Issuer may, in its sole discretion, accelerate the expiry date of the warrants by giving notice to the holders thereof and, in such case, the warrants will expire on the 30th day after the date on which such notice is given to the holder by the company.

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