GLOBAL HEMP GROUP SUCCESSFULLY RESTRUCTURES DEBT
Vancouver, BC -- (September 19, 2023) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) announces that it has successfully restructured its Senior Secured Convertible Debentures and other debt with a number of arms-length parties totaling $728,000 face value, based on current exchange rates plus the 12.0% bonus and accrued interest, as follows:
Senior Secured Convertible Debentures (“CD”)
1. The term of the CD, due September 8, 2023, has been extended to March 8, 2025.
2. Effective September 6, 2023, the interest rate will increase from 7.0% to 12.0% P.A. and will continue to accrue until maturity or conversion.
3. As an inducement to complete the restructuring of the CD, the Company provided the holders of the CD’s a bonus in the amount of 12.0% of the original principal amount, to be added to the outstanding balance.
4. All other terms and conditions of the CD remain the same.
Other Debt Amounts
1. The term of the loans with varying due dates, have been extended to March 8, 2025.
2. Effective September 6, 2023, the interest rate will increase from 7.0% to 12.0% P.A. and will continue to accrue until maturity or conversion.
3. As an inducement to complete the restructuring of the loans, the Company provided the holder of the loans a bonus in the amount of 12.0% of the original principal amount, to the outstanding balance.
4. The parties have agreed that on or before March 8, 2024 they will negotiate a conversion feature to this debt that will be similar to, but not more favourable than, the Company’s existing Senior Secured Convertible Debentures. It is understood that adding a conversion feature will conform to the rules of the CSE and may be subject to regulatory approval.
Warrants trading on the CSE under the symbol GHG.WT – The Company had a class of warrants trading under the symbol GHG.WT. The warrants expired on September 8, 2023 and are no longer trading on the CSE.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG / OTC: GBHPF / FRANKFURT: GHG) is focused on developing and promoting hemp-based products that are sustainable, environmentally friendly, and have a positive impact on society. To further support and innovate, GHG has established a R&D Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. whose career has focused in the areas areas of applied science and technology. The R&D team will initially focus on development of Environmentally Friendly Construction Materials, Nanofertilizers and Enhanced Cannabinoid Extraction from Hemp.
For Further Information Contact Global Hemp Group
Investor Relations
Tel: 778-726-2900
info@globalhempgroup.com
https://www.globalhempgroup.com
Cautionary Note Regarding Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk, the legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.