Toronto, Ontario–(Newsfile Corp. – May 1, 2023) – Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (FSE: A9K0) (“Halo” or the “Company“) is providing disclosure regarding recent share issuances to Reef Capital Inc. (“Reef“) in connection with a convertible promissory note among Reef and the Company for a principal amount of up to $5,000,000, as disclosed in Company’s news release dated November 9, 2023 (the “Convertible Loan Facility“).
To date, the Company has drawn approximately $3.95 million on the Convertible Loan Facility, and upon notices of conversion issued by Reef to the Company between November, 2022 and February, 2023 (the “Reef Notices“), approximately 123,161,500 common shares of the Company were issued in full satisfaction of the outstanding loan amount of $3.95 million (the “Reef Share Issuances“). The 123,161,500 common shares of the Company correspond to the amounts contained in the Reef Notices, but exceed the allowable maximums (in both allowable price discount and maximum percentage) pursuant to the policies and rules of the Neo Exchange on which the Company’s securities are listed, and the terms of the Convertible Loan Facility. Detailed disclosure of the Reef Share Issuances are provided below:
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The preceding disclosure has been made at the request of the Neo Exchange. Additionally, the Neo Exchange has advised the Company that no further draw downs or share issuances to Reef will be permitted by the Neo Exchange under the Convertible Loan Facility.
The Company continues seek financing and alternatives in challenging market conditions.
About Halo Collective
Halo is focused on the United States West Coast. Halo cultivates, extracts, manufactures, and distributes quality cannabis flower, pre-rolls, vape carts, edibles, and concentrates. Halo sells these products under a portfolio of brands, including HushTM, Winberry FarmsTM, its retail brand BudegaTM, and license agreements with FlowerShop*.
Halo, through a series of acquisitions, has product offerings in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (HushroomsTM), and topical supplements (Hatshe).
Halo has successfully acquired and integrated a variety of companies which were subsequently reorganized to create Akanda Corp. (NASDAQ: AKAN), an international medical cannabis and wellness company, of which Halo is the largest shareholder. Halo has also acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels, and a discrete sublingual dosing technology, Accudab.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Halo Collective Inc.
For additional information please contact Marshall Minor, Interim Chief Financial Officer of the Corporation at (541) 646- 5694 or [email protected].
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164240