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Global Hemp Group Completes Definitive Agreement to Acquire Control Over Strategic Water Infrastructure Assets in Colorado
(TheNewswire) Vancouver, BC - TheNewswire - February 8, 2021 - GL...
About this update from Global Hemp Group, Inc.
[{"type":"text","content":"Global Hemp Group Completes Definitive Agreement to Acquire Control Over Strategic Water Infrastructure Assets in Colorado\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n February 8, 2021 -\n \n \n GLOBAL HEMP GROUP INC. (“GHG” or the\n“Company”) (C\n \n \n NSX\n \n \n :GHG.\n \n \n CN) (\n \n \n OTC:GBHPF\n \n \n ) (\n \n \n FRANKFURT:GHG)\n \n \n is\npleased to announce that it has signed the Definitive Agreement with\nPrescient Strategies Group LLC (“PSG”) to acquire all of its\nWestern Sierra Resource Corporation (OTC: WSRC) (“WSRC”) Preferred\nA Class Share holdings (“WSRC Prefs”) in a private, third party\ntransaction.\n \n \n \n \n Closing of the transaction is expected to be on or\nabout February 9, 2021 upon fulfillment of certain Conditions\nPrecedent, including:\n \n \n \n \n \n \n - WSRC restructuring certain unsecured debt prior to\nthe issuance of the GHG Prefs;\n \n \n \n \n - GHG providing the necessary initial payments to\ncomplete the transaction and other Debt Restructuring\n \n \n (completed).\n \n \n \n \n \n \n For complete details of the transaction, please refer\nto the Company’s news release of January 18, 2021. As soon as\npracticable, each party shall provide all necessary information and\ndocumentation to the Canadian Securities Exchange (the\n“CSE”).\n \n \n \n The resulting acquisition of these WSRC Prefs will give GHG control\nover WSRC, and specifically its strategic water infrastructure assets\nthat will be an integral part of the Company’s Colorado Hemp-Agro\nIndustrial Zone (“HAIZ”) project. Documented historical valuations\nof the 4,000 acre feet of water rights and associated infrastructure\nare based on 2013 and 2015 MAI appraisals and engineering  reports,\nwhich collectively support a value of US$40,000,000 or higher. GHG has\ncontracted a third party valuation of this initial assessment value to\nsupport such appraisal.\n \n \n \n The Colorado HAIZ will be developed under the banner of\nInnovative Hemp Technologies (“IHT”). IHT’s core objective; to\ndevelop “green” and “affordable” homes in a Planned Unit\nDevelopment (“PUD”) utilizing hemp-based construction materia...