Love Hemp Group PLC on Wednesday said it issued shares last week to reduce its debt.

The London-based CBD health and wellness consumer goods company issued 160.1 million new shares at one penny each on Thursday last week to pay debt and fees. As result, debt was reduced by 1.6 million.

Love Hemp shares were last traded on AQSE in London back on April 29, priced at the time at 0.439 pence.

The company said the new shares will represent 11.8% of its enlarged issued share capital.

Love Hemp added that it issued 55.3 million total shares to three directors. These included 25.0 million shares to Chief Executive Officer Tony Calamita, worth £250,000.

CEO Calamita said: ‘We are delighted to be able to reduce the levels of current liabilities of the company with this significant reduction in debt converted to equity. It also demonstrates a continued strong level of confidence from those people close to the company in the value opportunity that we believe exists with the Love Hemp business.’

Copyright 2022 Alliance News Ltd. All Rights Reserved.