Canada NewsWire
VANCOUVER, June 16, 2017
Symbol: TSX.V – HEMP
VANCOUVER, June 16, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco® or the company") is pleased to provide further details on the private placement offering announced by it on June 7, 2017 and June 8, 2017.
On May 3, 2017, Hempco announced a private placement offering of up to 4,000,000 units at a unit price of $0.40 per unit for gross proceeds of up to $1,600,000 (the "May Offering"). On May 5, 2017, Hempco announced that it intended to offer the units to existing security holders. Hempco is no longer proceeding with the May Offering, and it has been discontinued.
On June 7, 2017, Hempco announced a new non-brokered private placement offering of units (the "June Offering") in which it proposed to sell up to 11,382,113 units at a price of $0.3075 per unit. On June 8, 2017, Hempco and Aurora Cannabis Inc. ("Aurora") announced that they had entered into a subscription agreement pursuant to which Aurora proposes to purchase 10,558,676 units in the June Offering, subject to conditions which must be met or waived by June 22, 2017. Those conditions include:
In addition to Aurora's conditions, above, Aurora's subscription is conditioned upon the Company receiving all necessary approvals and consents, including the approval of the TSX Venture Exchange and disinterested shareholder approval, if and as required, and to the availability of an exemption from the prospectus requirements for the issuance of the Units.
About Hempco
Hempco® and the Holmes family is a trusted and respected pioneer, innovator and provider of premier hemp seed foods for 17 years. Hempco® is committed to a triple bottom line – People, Planet, Profits and to capitalizing on the amazing hemp plant as a: hemp foods, hemp fiber and hemp functional food / nutraceuticals, "tri-crop" opportunity for producers and processors. Hempco® has grown its business significantly and is generating value and profits for shareholders.
ON BEHALF OF THE BOARD
"Charles Holmes"
Charles Holmes
Chief Executive Officer
HEMPCO FOOD AND FIBER INC.
(604) 317-3879
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.
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