Halo to Postpone Reporting Interim Financial Results Due to Delays Caused by the COVID-19 Pandemic
Halo Labs Inc. ("Halo" or the "Company") (NEO:HALO, OTCQX:AGEEF, Germany:A9KN) today announces that, due to delays caused by the COVID-19 pandemic, it is relying on the exemption provided in Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements (the "Instrument") of the Ontario Securities Commission (and similar exemptions provided by other Canadian securities regulators) to postpone the filing of the following continuous disclosure documents (collectively, the "Disclosure Documents"):
- The Company's interim financial statements for the three months ended March 31, 2020 as required by section 4.4(a) of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"); and
- The Company's management discussion & analysis for the three months ended March 31, 2020 as required by subsection 5.1(2) of NI 51-102.
The Instrument provides the Company with an additional 45 days from the deadline otherwise applicable under Ontario securities laws to make the filing. The Company’s management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company expects to file the Disclosure Documents on or prior to June 19, 2020.
Provided below is an update of all material business developments since the date of the last annual financial reports that were filed with respect to the period ending December 31, 2019. Each of such developments has previously been disclosed via press release, all of which are available under the Company's SEDAR profile at www.sedar.com:
- On April 17, 2020, the Company entered into a letter of intent to acquire a 25% membership interest in Feel Better, LLC, dba FlowerShop ("FlowerShop") for US$1.5 million, payable primarily in common shares of the Company ("Common Shares"). In connection with such acquisition, it is expected that the Company and FlowerShop will execute a licensing agreement for the manufacture, and distribution by the Company of FlowerShop branded products in Oregon, California and Nevada.
- On April 20, 2020, the Company announced that it had, through its wholly-owned subsidiary 1245316 B.C. Ltd., completed the acquisition of all of the issued and outstanding common shares of Nasalbinoid Natural Devices Corp. ("Nasalbinoid"), pursuant to the terms of a definitive agreement executed on April 3, 2020. As consideration for all of the issued and outstanding shares of Nasalbinoid, the Company issued 34,000,000 Common Shares. Concurrently with the completion of the Nasalbinoid acquisition, the Company completed a non-brokered private placement for aggregate gross proceeds of approximately $425,000. In connection with the Nasalbinoid acquisition and concurrent financing, the Company issued an aggregate of 3,400,000 Common Shares as a finder's fee to an arm's-length consultant.
- On April 28, 2020, the Company issued 10,860,213 Common Shares to certain independent contractors of the Company in lieu of aggregate cash consideration payable to such independent contractors as compensation.
- On April 28, 2020, the Corporation announced that it had further extended its letter of intent with Canmart Limited. The letter of intent has been extended for an additional 60 days to June 21, 2020.