BERLIN, Germany, March 6th, 2020 – AMP German Cannabis Group Inc. (“AMP”) (CSE: XCX), (Frankfurt: C4T, ISIN: CA00176G1028) announces it has closed the first tranche of its non-brokered private placement previously announced on January 8th, 2020. Under the first tranche, AMP raised gross proceeds of $867,500 through the issuance of 3,470,000 common shares at a subscription price of $0.25 per share. AMP paid a finders’ fee of $10,500 and issued 42,000 finders’ warrants. Each finders’ warrant entitles the holder to acquire one additional common share at a price of $0.25 per share for a period of six months from the date of issuance. Securities issued under the First Tranche are subject to a four month hold period expiring July 7th, 2020.
Net proceeds will be used for the import of medical cannabis into Germany and general corporate purposes.
AMP expects to close the final tranche of the private placement on or before April 3rd, 2020.
About AMP German Cannabis Group Inc.
AMP German Cannabis Group is a specialized importer of EU-GMP medical cannabis into Germany. For more information, please visit: www.amp-eu.com.
Mr. Alex Blodgett, CEO and Director
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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.