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