High Hampton Holdings Corp. (CSE: HC) announced yesterday that the company successfully closed a non-brokered private placement of 31,703,565 units of the Company at a price of $0.60 per unit, to generate $19 million.
Each Unit contains one common share of High Hampton Holdings Corp. and one warrant. Each warrant entitles investors to purchase one additional common share at an exercise price of $0.90 for 24 months following the closing of the offering.
High Hampton Holdings plans to use the proceeds gained in the offering to expand its development in Coachella Valley, to fund company operations, and enter into strategic partnerships.
High Hampton Holding’s wholly owned subsidiary CoachellaGro Corp., is focused on developments in the California cannabis market. Under the company’s umbrella is a 10.8 acre property situated near the proposed cannabis industrial park in Coachella. CoachellaGro has submitted its application for a conditional use permit for development of a full-service production facility in order to serve third party state licensed medical marijuana operators. The facility intended to contain security, infrastructure, equipment, labor, and supplies for growers.