Halo Collective enters into subscription agreement for convertible debentures
Mar. 08, 2022 6:56 AM ETHalo Collective Inc. (HCANF)By: Khyathi Dalal, SA News Editor1 Comment
- Halo Collective (OTCQB:HCANF) entered into a subscription agreement with Global Tech Opportunities 6 for the issuance of convertible debentures.
- Proceeds to be used for general working capital purposes as well as to fund various organic and acquisition growth initiatives.
- Halo is expecting that ~$15-20M principal amount of convertible debentures will be issued post the agreement through the balance of 2022 to fulfill the company's business plan, including the opening of Halo's three planned dispensaries in the Los Angeles area.
- The subscription agreement provides for the issuance of up to 24 convertible debentures with principal amount of up to $65M; each convertible debenture will be issued for proceeds equal to 92% of the face value of the principal amount.
- The debentures will mature on the date that is 24 months from issuance date.