(Clarifying the timing of move to London Main Market.)
Love Hemp Group PLC - London-based cannabidiol products - On Tuesday, completes £2.1 million in oversubscribed funding round in a placement of 206 million shares at 1 pence each, announced on Friday. H&P Advisory Ltd and Peterhouse Capital Ltd were brokers for the transaction. The proceeds will be put towards general working capital, and streamlining activities, such as moving to new facilities, which will consolidate its business activities and reduce operating costs ‘substantially’.
Love Hemp said on Friday its move to the Main Market of the London Stock Exchange from AQSE was on track to be achieved in the first quarter of the current calendar year.
Chair Andrew Male, said: ‘Love Hemp’s successful oversubscribed fundraise is fantastic result and is a great show of confidence in the group and the direction that it is heading as we move to the Main Market. The funds raised will assist us in continuing with the marketing initiatives and streamlining of various operational aspects of the business, subsequently making it more efficient to increase shareholder value.’
Current stock price: 0.975 pence
12-month change: down 67%
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