AMP German Cannabis Group closes oversubscribed private placement
ERFURT and BERLIN, Germany, October 9th, 2020 AMP German Cannabis Group Inc. (“AMP”) (CSE: XCX), (Frankfurt: C4T, ISIN: CA00176G1028), a licenced importer of medical cannabis into Germany, announces that its previously announced non-brokered private placement financing has been increased due to strong investor demand.
The private placement was originally announced on September 8, 2020, with the anticipation of raising gross proceeds of $500,000 at a price of $0.35 per share. The private placement was oversubscribed and a total of approximately $771,956 was raised in two tranches. Company insiders subscribed for $245,025 of the private placement. AMP issued 1,115,785 common shares pursuant to the first tranche, which was completed on September 18, 2020, and 1,089,802 common shares pursuant to the second and final tranche, which was completed today.
All common shares issued in the private placement are subject to a statutory four-month hold period. AMP paid finder's fees of $2,940 and issued 8,400 finders’ warrants. Each finder’s warrant entitles the holder to acquire one additional common share at a price of $0.35 per share for a period of six months from the date of issuance.
Net proceeds of the private placement will be used for general corporate purposes.
About AMP German Cannabis Group
AMP German Cannabis Group is licensed to import European Union - Good Manufacturing Practice (EU-GMP) medical cannabis from Europe and elsewhere into Germany. AMP sources, stores, transports, delivers, and sells medical cannabis products to pharmaceutical distributors or pharmacists directly, the only point-of-sale for medical cannabis to German patients with a physician’s prescription.
AMP has entered into a non-exclusive distribution agreement for medical cannabis with a leading distributor of pharmaceuticals products to more than 13,000 pharmacies throughout Germany. AMP imports medical cannabis from the Netherlands and Canada.
AMP has sponsored a six-episode roundtable discussion series about medical cannabis in Germany. The Roundtable Series are available as a podcast or as a video. In Episode #1 titled “Medical Cannabis in Germany” Dr. Franjo Grotenhermen, a German medical doctor and medical cannabis expert and Dr. Stefan Feuerstein, President of AMP, join the moderator Mr. Holger Scholze in an in-depth discussion about medical cannabis in Germany. AMP Roundtable Series: www.amp-eu.de/roundtable
For more information, please visit: www.amp-eu.com
Contact:
Mr. Alex Blodgett, CEO and Director
Telephone: +1 236-833-1602
Email: [email protected]
AMP social media links:
- Twitter: https://twitter.com/AMP_Cannabis
- LinkedIn: www.linkedin.com/company/ampgermancannabisgroup
- Facebook: www.facebook.com/AMPGCG
- Instagram: www.instagram.com/ampgcg
Media Kit: https://amp-eu.com/media-kit
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and milestones and the timing thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
SOURCE AMP German Cannabis Group Inc.
