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Hempco Food And Fiber Inc. - Private Placement Offering Further Details
Hempco Food And Fiber Inc. - Private Placement Offering Further Details.
About this update from Hemp, Inc.
[{"type":"text","content":"\n\n\n\nHempco Food And Fiber Inc. - Private Placement Offering Further Details\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nHempco Food And Fiber Inc. - Private Placement Offering Further Details\nCanada NewsWire\nVANCOUVER, June 16, 2017\n\n\n\nSymbol: TSX.V – HEMP \n\n\n\nVANCOUVER, June 16, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) (\"Hempco® or the company\") is pleased to provide further details on the private placement offering announced by it on June 7, 2017 and June 8, 2017.\n\nOn May 3, 2017, Hempco announced a private placement offering of up to 4,000,000 units at a unit price of $0.40 per unit for gross proceeds of up to $1,600,000 (the \"May Offering\").  On May 5, 2017, Hempco announced that it intended to offer the units to existing security holders.  Hempco is no longer proceeding with the May Offering, and it has been discontinued.\n\nOn June 7, 2017, Hempco announced a new non-brokered private placement offering of units (the \"June Offering\") in which it proposed to sell up to 11,382,113 units at a price of $0.3075 per unit.  On June 8, 2017, Hempco and Aurora Cannabis Inc. (\"Aurora\") announced that they had entered into a subscription agreement pursuant to which Aurora proposes to purchase 10,558,676 units in the June Offering, subject to conditions which must be met or waived by June 22, 2017.  Those conditions include:\n\n\nthe completion of satisfactory due diligence on the Company by Aurora.\nthe execution of an Investor Rights Agreement between the Company and Aurora on terms acceptable to the Company, including, but not limited to, terms that allow Aurora to nominate two directors to the Company's board of directors and provide Aurora with rights to participate in any future offerings of the Company to allow the Company not to be diluted in its shareholder interest. For clarity, the Investor Rights Agreement shall contain terms that allow Aurora the right of first refusal to participate up to 19.9% in any future offerings or issuances of securities of the Company, not including issuances:\n\nfor c...