You are using an older browser version. Please use a supported version for the best MSN experience.

Halo Collective Secures CA$15M Via Third Amended & Restated Convertible Promissory Note

Benzinga logo Benzinga 10/22/2021 Jelena Martinovic
© Provided by Benzinga Halo Collective Inc. (NEO: HALO) (OTCQB: HCAND) announced Thursday that it has entered into a third amended and restated promissory note for a principal amount of up to CA$15 million ($12.15 million). 

The note amends and restates the second amended and restated promissory note that the Halo entered into with a private arm's-length lender, according to the company's update from August 26, 2020.

In addition, it extends the maturity date to October 21, 2022, subject to the company's option to further develop such date by up to one year while carrying a 9% simple interest for the first year and 13% thereafter on any drawdowns.

"We are pleased to have extended the maturity of our existing loan facility," Kiran Sidhu, the company's CEO said. "While the Company does not currently have an outstanding balance under the facility, the continuation of the facility, along with our current cash position and working capital, provides us with additional flexibility as we continue to pursue our growth strategy."

The Toronto-based company recently raised approximately CA$20 million ($15.65 million) through its at-the-market equity financing program by selling a total of 433.43 million of its common shares between May 4 and September 17, 2021.

The move followed Halo's closing of the previously announced acquisition of Food Concepts LLC, the master tenant of a roughly 55,000 square foot indoor cannabis cultivation, processing and wholesale facility based in Portland, Oregon. The facility, which operated under the Pistil Point name by Food Concepts LLC, was purchased by Halo's wholly-owned subsidiary ANM Inc. for $8.2 million, payable in 258.2 million shares of Halo.

HCAND Price Action

Halo Collective's shares traded 5.26% lower at $1.8 per share after the market close on Thursday.

Photo: Courtesy of Halo Collective Inc.

AdChoices
AdChoices
AdChoices

More From Benzinga

image beaconimage beaconimage beacon