World High Life PLC - Issue of Equity
RNS Number : 6574P
World High Life PLC
19 February 2021
 

19 February 2021

 

World High Life PLC

 ("World High Life" or the "Company")

 

Issue of Equity

 

World High Life Plc (AQSE: LIFE) (OTCQB: WRHLF), announces that it has agreed to issue a total of 86,096,355 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") in settlement of £2,152,409 of debt.

 

Further to the Company's announcement on 3 February 2021, World High Life has received affirmative responses from the majority of the Convertible Debenture Holders for the conversion of the debentures into Ordinary Shares. Accordingly, Convertible Debentures totalling in principle £1,676,995 (amounting to £1,930,508 in total, with interest calculated to 15 March 2021) will be converted into a total of 77,220,315 Ordinary Shares at a price of 2.5p per share (the "Convertible Debenture Shares"). Each Convertible Debenture Share will be issued with 1 Share Purchase Warrant exercisable at 5p per share, vesting on 15 March 2021 and expiring on 14 March 2023 (the "Share Purchase Warrants").

 

World High Life has also agreed to issue 8,876,040 Ordinary Shares at a price of 2.5p per share in exchange for debt with an aggregate amount of £221,901 (the "Debt Shares").

 

Issuance of the Convertible Debenture Shares, Share Purchase Warrants and Debt Shares is subject to the passing of all resolutions at the General Meeting of the Company to be held on 11 March 2021.

 

Application will be made for the Convertible Debenture Shares and the and Debt Shares to be admitted to trading on the AQSE Growth Market and admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, on or around 15 March 2021.

 

Andrew Male, Director of World High Life, commented

 

"With the issuance of this equity in exchange for debt, combined with the restructuring of the final consideration payable for Love Hemp, a total of £4,152,409 of debt has been removed from the balance sheet. This puts the Company in a positive position going forward with very little debt."

 

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 1,500 stores in the UK, including leading brands such as Sainsbury's, Boots, Ocado and Holland & Barrett.

 

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.

 

For further information please contact:

Andrew Male
Director
+44 (0) 7926 397 675
andrew@worldhighlife.uk

 

 

 

 

AQSE Corporate Adviser

Mark Anwyl/Allie Feuerlein

Peterhouse Capital Limited

+44 (0) 20 7469 0930

ma@peterhousecap.com

af@peterhousecap.com

Financial PR

Tim Blythe

Alice McLaren

Madeleine Gordon-Foxwell

+44 (0) 207 318 3205

worldhighlife@blytheweigh.com

 

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. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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