ERFURT and BERLIN, Germany, February 10th, 2021, AMP Alternative Medical Products Inc. (Formerly AMP German Cannabis Group Inc.) (“AMP”) (CSE: XCX), (Frankfurt: C4TA, ISIN: CA0318961038), a licenced importer of medical cannabis into Germany, announces the closing of its non-brokered private placement.
AMP raised gross proceeds of $1,693,300 through the issuance of 3,386,600 common shares at a subscription price of $0.50 per share of which AMP’s insiders subscribed for $250,000 of the private placement. AMP paid a finders’ fee of $52,465 and issued 104,930 finders’ warrants, where each finders’ warrant entitles the holder to acquire one additional common share at a price of $0.50 per share for a period of six months from the date of issuance. Securities issued are subject to a four-month hold period expiring June 10, 2021.
Net proceeds will be used for general corporate purposes.