HEMPCO FOOD AND FIBER INC. CORPORATE DEVELOPMENTS
Symbol: TSX.V – HEMP
VANCOUVER, May 3, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco®") is pleased to announce a non-brokered private placement to raise up to $1,600,000. The financing will consist of 4,000,000 Units at $0.40 per unit. Each of the Unit will consist of one common share and one-full share purchase warrant of the Company. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.60 for a period of 24 months from closing.
A finder's fee of 7.5% in cash and 7.5% 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: new hires, marketing, equipment purchase and installation, quality control and software systems implementation.
All securities issued under the private placement are subject to a four month and one day hold period.
Sales Report for April 2017
Hempco® monthly sales (value shipped) report for the current month Bulk Sales total to $84k* and Retail Sales total to $6k* for a April sales total of $90k* for a total of $4.7M* for the first 8 months of the fiscal year. Sales were lower than expected due to delays in shipping but sales in May are expected to be much better as a result. Sales into Korea are resuming and Hempco® has already received a purchase order in those regards.
Hempco® and the Holmes family is a trusted and respected pioneer, innovator and provider of premier hemp seed foods for more than 15 years. Hempco® is committed to a triple bottom line – People, Planet, Profits and to capitalizing on the Hempco® mandate of "whole crop utilization" and developing the "3 pillars": hemp foods, hemp fiber and hemp CBD nutraceuticals, "tri-crop" opportunity for producers and processors. Hempco® has grown its business significantly and is generating value and profits for shareholders.
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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, VP Capital Markets, email@example.com, P: 604-685-6465