Symbol: TSX.V - HFF
VANCOUVER, July 27, 2016 /CNW/ - Hempco Food and Fiber Inc. ("Hempco") is pleased to announce a non-brokered private placement to raise a minimum of $1,000,000. The financing will consist of a minimum of 2,000,000 Units at $0.50 per unit.
Each of the Unit will consist of one common share and one-half share purchase warrant of the Company. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.65 for a period of 15 months from closing.
A finder's fee of 7% in cash and 7% in warrants may be paid on a portion of the private placement. The private placement is subject to TSX Venture Exchange approval.
The proceeds will be used for working capital purposes and to expand the Company's ability to produce more product as product demand has exceeded expectations.
Hempco® is recognized as a "company that cares" and guarantees that its customers, all over North America, Europe and Asia, are provided the finest hemp seed foods possible. Hempco® has grown its business significantly and is generating value and profits for shareholders.
We seek Safe Harbor.
ON BEHALF OF THE BOARD
Chief Executive Officer
HEMPCO FOOD AND FIBER INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as the decision of the TSXV to reject any grant of options or any person to act as investor relation service providers. Except as required by law, the Company does not intend to update any changes to such statements.
SOURCE Hempco Food and Fiber Inc.
For further information: Don Mosher, Marketing Executive, 604-685-6465