Halo in Negotiations with Louisa Mojela, Chairman of Bophelo Bioscience to Lead a Senior Convertible Debt Offering Business Wire (engl.) | 06.03.2020 | 23:42 Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that it is in discussions with Louisa Mojela, the Chairman of Bophelo Bioscience & Wellness (Pty) Ltd. (“Bophelo”) and anticipated Chairman of Halo pending the closing of the Company’s proposed acquisition of Bophelo (the “Bophelo Acquisition”), to act as the lead investor in a senior convertible debt offering, the proceeds of which will be used primarily to fund expansion at Bophelo’s cannabis cultivation zone in Mafeteng, Lesotho. Other directors, executives and shareholders are expected to participate. The Company is seeking to raise up to $3 million for the initial five hectare build out. To date, Ms. Mojela has funded $1.2 million to Bophelo in connection with the development of the cultivation zone. The Company will provide additional details in respect of any proposed debt financing once such terms are available.
Closing of the Bophelo Acquisition remains subject to approval of the Lesotho Central Bank, which the Company expects to receive within the next 10 days. The Bophelo Acquisition is expected to close prior to the end of March 2020. The Company also is in continued discussions with banks, private equity firms and state agencies in South Africa to fund the outdoor 200-hectare expansion of Bophelo, which is anticipated to commence in 2021.
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