Hemp Naturals, Inc. announced that it has received $0.058 million in funding from Bellridge Capital, LP
November 07, 2018
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Hemp Naturals, Inc. (OTCPK:HPMM) announced that it has entered into a securities purchase agreement for a private placement of one 12% secured convertible promissory note for gross proceeds of $58,000 on November 8, 2018. The transaction included participation from Bellridge Capital, LP. The note carries a fixed coupon of 12% per annum and will mature on November 8, 2019. The company issued 10% discount. The promissory note will be convertible into shares at variable conversion price equal to 55% of the lowest trading price of the company’s common stock during the 20 trading days ending on the latest complete trading prior to conversion. The company can prepay the note in 30, 60, 90,120,150, or 180 days following the issue and the pre-payment penalty is based on outstanding balance multiplied by 120%, 125%, 130%, 135%, 140%, or 145% respectively. After 180 days company shall not have any pre-payment right. The company has issued securities pursuant to exemption provided under Regulation D.
Hemp Naturals, Inc. is an early-stage company that is focused on researching, developing, acquiring and selling products made of industrial hemp. The Company offers a range of products and supplementary goods. The Companyâs rolling papers are available to purchase in retail establishments comprised of gas stations, convenience stores, tobacco shops and liquor stores.