Halo Launches ATM Program For Additional Financing Flexibility
Halo Labs Inc. (NEO: HALO) (OTCQX:AGEEF) is poised to secure up to CA$7 million (US$5.3 million) in financing through the newly established at-the-market equity program.
The program permits the company to occasionally issue and sell its common shares from the treasury to the public, the company disclosed Thursday.
According to a Thursday update, the common shares which are sold under the program would be traded through either Neo Exchange Inc. or other marketplaces, the press release said.
In addition, the Toronto-based company would decide on the volume and timing of distributions.
The proceeds obtained through the program would be used for funding of general corporate purposes, working capital, and capital expenditures.
"We are excited to launch our ATM Program as it will provide us with additional flexibility to access equity capital when market conditions are favourable," said company CEO Kiran Sidhu. "We now have a number of strategic sources of capital available to us, which further strengthens our financial position as we continue to progress towards profitability."
Meantime, some of the company's recent moves include the finalization of $11.5 million worth acquisition of a 66.67% interest in a North Hollywood cannabis dispensary applicant and a retail management company, Crimson & Black.
Halo's latest financial report revealed that its revenue for the second quarter amounted to $5.2 million, up by 17.8% sequentially.
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