Love Hemp Group PLC (LON:LIFE) (OTCQB:WRHLF) said the broker option granted to Peterhouse Capital Limited in connection with its placing and subscription announced on April 8 closed on April 9 and was “significantly oversubscribed”.
The cannabidiol (CBD) and hemp product supplier said the broker option has been exercised in respect of around 57.7mln shares, an increase of around 100% on the original number in the option, which on exercise will raise a further £2.02mln for the company, taking its total fundraise to £7.04mln.
READ: Love Hemp raises funds to finance global marketing programme, to move to LSE official list
Love Hemp said the proceeds will be used for its new global marketing programme, which will be implemented across the UK and US, as well as for general corporate purposes.
"Following a successful initial fundraise, the continued investor interest highlights the strength of the company and its investment thesis. Love Hemp Group has a strong marketing programme and these funds will help promote the brand globally. I look forward to seeing the Company continue to move from strength to strength", chairman Andrew Male said in a statement.
Shares in Love Hemp were trading at around 4.2p in early deals on the Aquis Exchange on Monday.