GRAND CAYMAN, Cayman Islands , March 21, 2022 (GLOBE NEWSWIRE) -- This news release is issued by Global Tech Opportunities 6 (“GTO”) pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) and National Instrument 62-104 – Take-Over Bids and Issuer Bids with respect to the acquisition of common shares (the “Common Shares”) in the capital of Halo Collective Inc. ("Halo").
On March 18, 2022, GTO disposed of an aggregate of 2,194,500 Common Shares at an average price of $0.497 per share. Prior to the disposition, GTO beneficially owned and exercised control or direction over 6,319,621 Common Shares, representing 10.26% of the outstanding Common Shares, 875,000 common share purchase warrants exercisable after May 20, 2022 (the “Warrants”) entitling GTO to acquire up to 875,000 Common Shares and $2,000,000 of convertible debentures issued by Halo (the “Convertible Debentures”).
Immediately following the disposition, GTO held 4,125,121 Common Shares representing 6.7% of the outstanding Common Shares, 875,000 Warrants exercisable after May 20, 2022, an entitlement to receive an additional 1.75 million Warrants after May 20, 2022 and Convertible Debentures in the amount of $2,000,000.
Immediately following the disposition, assuming conversion of the principal amount of the outstanding Convertible Debentures at a conversion price of $1.00 per Common Share and the receipt and exercise of the Warrants, GTO would own or exercise control or direction over 8,750,121 Common Shares, representing approximately 13.22% of the then issued and outstanding Common Shares.
In addition, pursuant to a subscription agreement dated March 8, 2022 entered into between Halo and GTO, GTO is entitled to subscribe for and require Halo to issue up to an aggregate of $7,500,000 principal amount of Convertible Debentures, subject to customary closing conditions. Further, pursuant to a subscription agreement dated January 6, 2022, as amended, after May 20, 2022, GTO is entitled to subscribe for and require Halo to issue $4,923,874.72 principal amount of convertible debentures convertible into Common Shares at a variable price, subject to a cap of $1.25.
The Common Shares were acquired by GTO for investment purposes, and in the future, GTO may acquire additional securities of Halo, dispose of some or all of the existing or additional securities GTO holds or will hold, or may continue to hold its current position, depending on market conditions, reformulation of plans and/or other relevant factors.
GTO is an investment holding company incorporated in the Cayman Islands, whose registered office is at P.O. Box 2775, 67 Fort Street, Artemis House, Grand Cayman, KY1-1111, Cayman Islands.
The foregoing disclosure regarding is being disseminated pursuant to NI 62-103. Copies of the early warning report with respect to the foregoing will be filed on Halo’s profile on SEDAR at www.sedar.com and may also be obtained by contacting Ben Pershick, director of GTO, by email at bpershick@calderwood.ky or by telephone at +1 345 916 8606.
Statements included in this announcement, including statements concerning plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. GTO cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
