Vancouver, BC – TheNewswire – May 3, 2021- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) ( CS NSX :GHG . CN) ( OTC:GBHPF ) ( FRANKFURT:GHG ) is happy to announce that having all “Conditions Precedent” met and extra required documentation having been executed, the Company has now finalized the acquisition of Western Sierra Resource Corporation (WSRC) (OTC: WSRC) Series A Preferred shares (WSRC Prefs) as outlined within the Definitive Agreement executed with Prescient Strategies Group, LLC (“PSG”), in a non-public, third get together transaction (see information releases of February 8 and March 5 , 2021 for additional particulars) .
The Company has acquired from PSG 11,006,440 WSRC Prefs, having voting rights of 100 votes per share, by issuing 11,006,400 GHG Class B Preferred shares (“GHG Prefs”), as extra absolutely outlined within the Company’s news release of January 18, 2021 . As a part of this transaction, GHG will even challenge PSG 15,000,000 frequent share buy warrants (the “GHG Warrants”). The GHG Warrants can be exercisable for a interval of 5 (5) years at a worth per GHG Warrant of CAD$0.05 per share.
Completion of this transaction paves the best way for creation of the Colorado Hemp
Agro-Industrial Zone (“HAIZ”) – a Sustainable Green Enterprise in Northwest Colorado and facilitates the Company’s capital formation alternatives (a Senior Secured Debt Facility using the water property as collateral) and subsequent progress by way of completion of a collection of focused acquisitions strategic for accumulation of long-term actual property property and enhanced worth by way of growth of water infrastructure.
As a part of the Definitive Agreement, the Company will even purchase a further 8,868,560 WSRC Prefs from PSG which might be at present pledged as collateral to safe US$3,842,269 loans to WSRC. These WSRC Prefs will even be acquired by GHG upon the restructuring WSRC’s current debt (the “WSRC Debt”) by the use of, however not restricted to, the consolidation, refinance or extension of the present WSRC Debt (the “WSRC Debt Restructuring”). Upon completion of the WSRC Debt Restructuring, the WSRC Debt may have a maturity prolonged to a minimal of three (3) years, with the target of changing current notes and releasing the WSRC Prefs as collateral.
The transaction supplies the Company with management of WSRC’s intensive current water infrastructure developed over the past 15 years and at present valued at greater than +US$40 Million. The availability of those water property is a key useful resource within the growth of the Colorado HAIZ, which is being developed below the banner of Innovative Hemp Technologies (“IHT”), an entirely owned subsidiary of Global Hemp Group. IHT’s core goal is to develop “inexperienced” and “inexpensive” houses in a Planned Unit Development using hemp-based building supplies to fulfill historic pent-up demand within the space. The undertaking will maximize the helpful use of the water property by way of all features of the HAIZ. This will complement the undertaking’s onsite growth of largescale irrigation and cultivation of commercial hemp and the manufacture of hemp-based building merchandise and textiles. The undertaking will considerably increase the present water rights and infrastructure property whereas producing a number of income streams for the Company. In addition, the undertaking will create s ignificant employment alternatives within the area.
The Company additionally pronounces that it has granted incentive inventory choices to Officers, Directors and Consultants to buy as much as 3,000,000 frequent shares of the Company at an train worth of $0.05 per share. The choices have a time period of 5 years expiring May 3, 2026 and shall vest in instantly.
T he Company lately held its Annual General Meeting. All objects voted on had been accepted by the shareholders. Curt Huber, Dr. Paul Perrault, Jeff Kilpatrick and Michel Lebeuf had been re-elected as Directors of the Company, with Curt Huber being reappointed President and CEO, and Sebastian Tang being reappointed as CFO.
Global Hemp Group has lately modified its telephone quantity.
To contact Investor Relations, please name 778-726-2900.
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About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG), is targeted on a multi-phased technique to construct a robust presence within the industrial hemp business the United States. The Company is headquartered in Vancouver, British Columbia, with hemp cultivation operations within the state of Oregon. The present part of the technique focuses on the event of “sustainable” and “inexperienced” value-added industrial hemp merchandise using the processing of everything of the hemp plant, as envisioned within the Colorado Hemp Agro-Industrial Zone (HAIZ) undertaking. In addition, Global Hemp Group has established a Research and Development Division to actively pursue the event of Intellectual Property that may be patented and applied within the hemp and/or constructing business, and particularly at Company’s Colorado HAIZ. The Division can be headed by Prof. Víctor M. Castaño, Ph.D . from the National Autonomous University of Mexico, a acknowledged chief in areas of utilized science and know-how. The R&D workforce brings an incredible wealth of data and expertise in a number of disciplines and can initially give attention to growth of Environmentally-Friendly Construction Materials, Nanofertilizers and Enhanced Extraction from Hemp.
For Further Information Contact Global Hemp Group
Curt Huber, President
Cautionary Note Regarding Forward Looking Statements
Certain data set forth on this information launch might comprise forward-looking statements that contain substantial recognized and unknown dangers and uncertainties. These forward-looking statements are topic to quite a few dangers and uncertainties, sure of that are past the management of Global Hemp Group Inc., together with, however not restricted to the affect of common financial circumstances, business circumstances, volatility of commodity costs, foreign money fluctuations, dependence upon regulatory approvals, the provision of future financing and exploration danger, the legality of cannabis and hemp. Readers are cautioned that the assumptions used within the preparation of such data, though thought of cheap on the time of preparation, might show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking statements. Except as required by legislation, Global Hemp Group Inc. disclaims any intention and assumes no obligation to replace or revise any ahead wanting statements to replicate precise outcomes, whether or not because of new data, future occasions, adjustments in assumptions, adjustments in components affecting such ahead wanting statements or in any other case.
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