Generation Hemp, Inc. announced that it expects to receive $0.1 million in funding
July 19, 2021
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Generation Hemp, Inc. announced a private placement of an unsecured convertible promissory note for gross proceeds of $100,000 on July 20, 2021. The transaction included participation from Gary C. Evans, chairman, director and chief executive officer of the company. The company shall make the principal payment on January 1, 2022. The notes will have an interest rate of lesser of 10% per annum and the highest rate permitted by law. The investor shall have the option to convert the then outstanding balance of principal and interest under the note into restricted shares of the company?s common stock at a conversion price equal to $0.50 per share of common stock.
On the same date, the company received $100,000 in its first tranche.
Evergreen Sustainable Enterprises, Inc. is a sustainable green energy company. The Company, through its wholly owned subsidiaries, has operations in both the bitcoin mining industry and the hemp industry. Through its bitcoin mining projects, it sources stranded energy in rural areas for bitcoin mining installations. In addition to its hydroelectric powered bitcoin operations in Costa Rica, the Company is in development on several bitcoin mining arrays in rural or remote United States locations. It has two bitcoin mining arrays in development in Arkansas, an eight-megawatt array in south central Arkansas. It also has three bitcoin mining arrays located in Kentucky, a five-megawatt array in Carter County and two additional sites in various stages of development in Greenup County. Its hemp processing operations provide post-harvest and midstream services to growers by drying, processing, cleaning, stripping harvested hemp directly from the field.