Here’s why the Australian Primary Hemp (ASX:APH) share price is rocketing 31% higher

The Australian Primary Hemp Ltd (ASX: APH) share price is rocketing higher today.

This comes after the company announced it has secured firm commitments through a placement to fund its growth strategy.

At the time of writing, the company’s shares are up an astonishing 16% to 44 cents.

It’s worth noting that during the opening minutes of trade, the Australian Primary Hemp share price reached a multi-year high of 62 cents.

Placement in detail

According to the release, Australian Primary Hemp welcomed the firm commitments to raise roughly $5.2 million through a strategic placement with an offer price of 32 cents per share price.

Under the placement, approximately 16 million ordinary shares will be issued with an offer price of 32…