Halo Labs Announces Closing of Second Tranche For Completion Of Aggregate CAD $4 Million Private Placement
Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that, further to the Company’s press releases of October 7, 2019 and October 11, 2019, Halo has closed a second tranche of the previously announced non-brokered increased private placement of Halo common shares (the “Offering”) at a price of CAD $0.31 per share for additional gross proceeds of approximately CAD $1 million (the “Second Tranche”). The Company previously closed a first tranche of the Offering for gross proceeds of CAD $3 million. The Company is also increasing the size of the Offering by an additional CAD $1 million for new investors.
The Second Tranche
In connection with the Second Tranche, Halo issued an aggregate of 3,115,622 common shares at a price of CAD $0.31 per share for aggregate gross proceeds of CAD $965,842.82. The Halo common shares issued in connection with the Second Tranche are subject to a four month and one day statutory hold period pursuant to applicable securities laws. None of the subscribers in the Offering were related-parties to the Company.
As previously announced by the Company, Halo intends to use the proceeds of the Offering to complete the development and deployment of Dispensary Track and continue its expansion efforts in California, including the increase of its direct sales force and product offerings and the growth of its manufacturing capacity in Cathedral City.
Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Halo is a global leader in cannabis oil and concentrates, having produced over 4.5 million grams of oils and concentrates since inception. The Company has expertise across all major cannabis manufacturing processes, leveraging a variety of proprietary processes and products. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in California and Oregon, as well as in Nevada with our partner Just Quality, LLC, and in Lesotho with the Bophelo strategic partnership. With a consumer-centric focus, Halo will continue to market innovative, branded, and private label products across multiple product categories. Halo recently acquired Dispensary Track platform which will alleviate customer flow constraints experienced by dispensaries and enable direct consumer interaction.