Love Hemp increases fundraise to £2.35mln

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Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF ) has increased the total proceeds of its share subscription from £2mln to £2.35mln to support its growth plans. 

The CBD and hemp product supplier, which is moving from the Aquis Exchange to the official list of the London Stock Exchange, said it will use the proceeds for general working capital as well as to support the efforts of its newly strengthened marketing team and sponsorship agreements announced earlier this month, including with UFC champion Kamaru Usman as a brand ambassador and the Togetherall online mental health service.

READ: Love Hemp unveils senior marketing appointments

Andrew Male, chairman of Love Hemp Group, said: “This fundraise has proved the strong appetite from both retail and institutional investors and further underpins the strength of our brand.

“We are committed to future growth of the company and the proceeds of this fundraise will help enable the team to pursue a global presence and cultivate exciting partnerships. As we move towards a main market listing, I am pleased to see investor interest continue to improve and feel we have a very exciting journey ahead of us.”

The 67.1mln new shares, for which investors subscribed at a price of 3.5p apiece, are expected to be admitted for trading at or around 3 June.

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