Deal sells units of a share, a half-share warrant at C$0.50 per unit
By Devika Patel
Knoxville, Tenn., July 27 – Hempco Food and Fiber Inc. said it plans a C$1 million private placement of units.
The company will sell 2 million units of one common share and a half-share warrant at C$0.50 per unit.
Each whole, 15-month warrant will be exercisable at C$0.65, an 18.18% premium to the July 26 closing share price of C$0.55.
Proceeds will be used for working capital purposes and to produce more product, as product demand has exceeded expectations.
The Vancouver, B.C., company provides hemp seed foods for humans and animals.
| Issuer: | Hempco Food and Fiber Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 2 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 15 months
|
| Warrant strike price: | C$0.65
|
| Pricing date: | July 27
|
| Stock symbol: | CVE: HFF
|
| Stock price: | C$0.55 at close July 26
|
| Market capitalization: | C$15.51 million
|
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