Halo Labs Inc (OTCMKTS:AGEEF) signed a deal to take over 1275111 B.C. Ltd. As per the terms of the deal, Halo Labs will issue 147,475,343 shares to buy all the outstanding and issued shares of 1275111 B.C.
1275111 B.C. developed IP related to cannabinoid purification and filtration, for which the patent is pending. Following the takeover, Halo Labs will benefit from improved economies in processing high-quality cannabis.
SVP (Operations) of Halo Labs, Josh Haddox, said the novel technology of 1275111 B.C. will help save manufacturing costs. Halo Labs expects to implement this new technology by March 2021. The deal is subject to the approval of NEO Exchange Inc and satisfying other conditions.
Mobilizes funds of CAD 2.25 million
Halo Labs will collect CAD 2.25 million through the issue of 40.9 million shares each at CAD 0.055. The shares issued through a private placement shall have a holding period of four months and one day. Halo Labs will use the proceeds from the offering for working capital needs.
Halo Labs will close the non-brokered private placement and takeover of 1275111 B.C. by January 4, 2021.
The name change to Halo Collective Inc
Following the nod of shareholders in a meeting held on December 23, 2020, the name of Halo Labs is changed to Halo Collective Inc. As a result, Halo Collective will trade under the symbol – HCANF on the OTCQX with effect from January 28, 2021. The company’s common shares will trade under the ticker – A9KM with effect from January 28, 2021.
Halo Collective plans to offer diverse products and revolutionize the cannabis sector across the world. Its innovative products include cartridges, edibles, concentrates, and quality flower. The company will cater to the needs of recreational and medical cannabis users with its innovative products. Its collective retail sales in Oregon exceeded $1 billion.
Halo Collective also completed the takeover of Eugene, Oregon-based Winberry Farms. The presence of Halo Collective expanded to include 500 dispensaries in Oregon.
Halo Collective also plans to expand its operations in Alberta, Canada, through a deal with High Tide, which operates three dispensaries offering concentrates like live resin, solventless resin, hash, and shatter.