HEMPCO FOOD AND FIBER INC. CORPORATE DEVELOPMENTS
Symbol: TSX.V – HEMP
VANCOUVER, June 7, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco®") is pleased to announce a non-brokered private placement (the "Offering") of up to 11,382,113 units at $0.3075 per unit, each unit consisting of one common share of Hempco and one warrant to purchase one common share of Hempco (a "Warrant"). Each Warrant shall be valid for 2 years and shall be exercisable at a purchase price of $0.41 per warrant. Closing of the Offering is subject to a number of conditions, such as approval from the TSXV and satisfactory due diligence by the subscriber.
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.
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, VP Capital Markets, [email protected], P: 604-685-6465