Leading vertically integrated cannabis company Halo Collective Inc (OTCMKTS:HCANF) on September 17, 2021, announced the completion of the previously said at-the-market equity financing program. Named the ATM Program, the firm had sold about 433,426,063 common shares between May 4, 2021, and September 17, 2021. Sold at the current market prices, the aggregate gross proceeds were about C$20,000,000. Halo, which is engaged in cultivating, extracting, manufacturing, and distributing cannabis oils and concentrates, has seen sales of 11 million grams since the beginning.
Distribution of common shares through the initiative was done pursuant to the terms of the equity distribution agreement confirmed in May 2021 between PI Financial Corp and the company. The firm is expecting to utilize proceeds for general corporate purposes including capital expenditures, working capital, and debt repayments. This offering was done to a prospectus supplement that dates to May 4, 2021, for the firm’s short form base shelf prospectus, which is dating to September 2, 2021. Both the prospectus and supplement are available on the SEDAR website, maintained by Canadian Securities Administrators.
Halo operates in the United States in California and Oregon besides having operations in countries like Canada, Southern Africa in the Kingdom of Lesotho, and the United Kingdom. The firm also acquired a number of software development assets, including CannPOS, Cannalift as well as CannaFeels.
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