AGEEF - Halo Labs to raise C$10M capital in unsecured credit line to meet rising sales

Halo Labs (AGEEF) announced unexpected surge in sales and entered into a commitment letter to obtain up to C$10M in unsecured, non-dilutive and non-convertible credit from an arm's length lender."January has started off with a bang as a result of unanticipated increased sales of finished goods to dispensary clients. We need capital for raw material, packaging supplies, inventory restocking and general working capital purposes," CEO Kiran Sidhu commented.Individual draws under the credit facility will bear interest at a rate of 9% annually and have a maturity date of 18 months from the date of drawdown; permission to draw from the facility stands at 12 months from closure date.For the credit facility, the company has agreed to issue 6.67M shares of which 3.33M are expected to be issued post receipt of the initial advance in accordance with the terms of the Commitment Letter.

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Halo Labs to raise C$10M capital in unsecured credit line to meet rising sales