BERLIN, Germany, April 3rd, 2020 – AMP German Cannabis Group Inc. (“AMP”) (CSE: XCX), (Frankfurt: C4T, ISIN: CA00176G1028) is pleased to announce that it has successfully increased the loan amount it can borrow on its drawn down loan facility announced on December 3rd, 2018 from €500,000 to €1,000000 to finance trade receivables from the import of medical cannabis from the Netherlands in the coming weeks. The amended drawdown facility will mature December 31, 2021, and borrowed amounts can be repaid at any time without penalty.
AMP has also closed its non-brokered private placement announced on January 8th, 2020, which raised total gross proceeds of $867,500 through the issuance of 3,470,000 common shares at a subscription price of $0.25 per share in the first tranche closing announced on March 6th, 2020.
Mr. Alex Blodgett, CEO of AMP, commented: “We appreciate the support of our banking partner for increasing our loan facility. Accordingly, we decided not to accept further subscriptions for our private placement to avoid unnecessary dilution. In addition, due to strong demand for medical cannabis, we will be strengthening our distribution in Germany by adding additional pharmaceutical wholesalers as we begin imports from the Netherlands and Canada.”
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.
SOURCE AMP German Cannabis Group Inc.