www.haloco.com (CNW Group/Halo Collective Inc.)
At the Meeting, the Debentureholders passed an extraordinary resolution to amend the certificates between the Company and each of the Debentureholders, which will amend the Convertible Debentures to: (i) extend the maturity date of the Convertible Debentures to December 31, 2024 ; (ii) reduce the interest rate of the Convertible Debentures to 0.0%; (iii) amend the conversion terms of the Convertible Debentures to make such debentures convertible into units (each, a "Unit"); (iv) lower the conversion price of the Convertible Debentures to C$1.03 per Unit; and (v) provide the Company with a right to accelerate the conversion of the Convertible Debentures, all as more particularly described in the information circular provided to the Debentureholders in advance of the Meeting (the "Amendments").
Each Unit is comprised of one common share of Halo (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to purchase one Common Share at an exercise price of C$2.35 per Common Share, subject to adjustment, until February 15, 2024 . The Warrants will be issued pursuant to the terms of a Warrant Indenture to be entered into between the Company and Odyssey Trust Company.
The Debentureholders overwhelmingly supported the Amendments with approximately 93% of Debentureholders in attendance at the Meeting approving the Amendments. "We thank the Debentureholders for their support, " said Kiran Sidhu , CEO of Halo. "These Amendments significantly increase the Company's working capital position and puts Halo in a stronger financial position."