9 March 2020
World High Life Plc
("World High Life" or the "Company")
Confirmation of funds raised by Convertible Loan Notes/Convertible Debentures
Following the announcement by the Company on 28 February 2020, World High Life Plc (NEX: LIFE) confirms that since its admission to trading on the NEX Exchange Growth Market the Company has in aggregate raised £2,355,782 (before expenses) through the issue of convertible loan notes and convertible debentures (together, the "Convertible Loan Notes") through two tranches, announced by the Company on 18 October 2019 and 28 February 2020. The Company is pleased to confirm and clarify the terms of the fundraisings undertaken by way of Convertible Loan Notes and the effect of the share consolidation undertaken by the Company in November 2019.
First Tranche raising £2,007,151
On 18 October 2019, the Company announced that it had issued a first tranche of £2,007,151 of Convertible Loan Notes, paying interest of 10% annually and convertible into ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 10p per share at the election of the holder ("Conversion Price"), subject to the Company's right to force conversion upon 30 days' notice in the event that the Ordinary Shares trade at 30p or higher for a 10 day period ("Acceleration Price"). As announced on 19 December 2019, a share consolidation was undertaken by the Company in which the nominal value of the Company's Ordinary Shares was increased to 10p ("Share Consolidation"). Under the terms of the first tranche Convertible Loan Notes and as a result of the Share Consolidation, the Conversion Price was increased to 100p and the Acceleration Price was adjusted to 300p or higher. The first tranche shall mature two years plus one day from the closing of that fundraising.
Second Tranche raising £348,631
On 28 February 2020, the Company raised an additional £348,631 through a further issue of Convertible Loan Notes, also paying interest of 10% annually and convertible into Ordinary Shares at the Conversion Price at the election of the holder, and also subject to the Company's right to force conversion upon 30 days' notice in the event that that the Ordinary Shares trade at 300p or higher for a 10 day period.
The Company reserves the right to repay interest owing on the Convertible Loan Notes at the maturity date in cash or through the conversion of outstanding interest into Ordinary Shares. The Convertible Loan Notes shall all mature by 29 November 2021.
The subscribers for the £2,355,782 in nominal amount of Convertible Loan Notes issued by the Company in the first tranche and the second tranche were also issued with a total of 2,355,782 warrants ("Convertible Loan Notes Warrants"), exercisable until 29 November 2021 at an exercise price of 150p per Ordinary Share (all figures post Share Consolidation adjusted).
The Directors of the Company accept responsibility for the contents of this announcement.
About Love Hemp
Love Hemp is one of the UK's leading CBD and Hemp product suppliers and has more than 40 product lines, comprising oils, sprays and vapes and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 1,200 stores in the UK, including leading brands such as Ocado, Holland & Barrett and WH Smith.
About World High Life
World High Life was established by the founders of Supreme Cannabis (TSX: FIRE), and 1933 Industries (CSE: TGIF), both companies at the forefront of the legalized cannabis industry. LIFE was established to take advantage of the huge opportunities available in the UK and European legal cannabis space, which is set to be the largest in the world within five years.
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For more information on World High Life please visit: www.worldhighlife.uk
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.