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Hempalta Corp. Announces Financial Results for Three Months and Six Months Ended March 31, 2024
Newly public AgTech Company shares initial financial reporting and details acquisition of control...
About this update from Hempalta Corp
[{"type":"text","content":"Hempalta Corp. Announces Financial Results for Three Months and Six Months Ended March 31, 2024Newly public AgTech Company shares initial financial reporting and details acquisition of controlling interest in global Industrial Hemp Carbon Credits platformCalgary, Alberta--(Newsfile Corp. - May 30, 2024) - Hempalta Corp. (TSXV: HEMP) (formerly Trail Blazing Ventures Ltd.) (\"HEMPALTA\" or the \"Company\") has released its financial results for the three and six months ended March 31, 2024. HEMPALTA's unaudited interim condensed consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three and six months ended March 31, 2024 are available on www.sedarplus.ca.Qualifying Transaction On March 19, 2024, the Company completed the acquisition of all of the issued and outstanding securities of Hempalta Inc. (the \"Transaction\"). The Transaction constituted the Company's \"Qualifying Transaction\" (as defined by Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange) and was completed according to the terms of an amalgamation agreement dated November 15, 2023, pursuant to which, among other things, the Company acquired all of the issued and outstanding securities of Hempalta Inc. by way of a three-cornered amalgamation with a wholly owned subsidiary of the Company under the Business Corporations Act (Alberta). Prior to the completion of the Transaction, the Company: (i) completed a consolidation on the basis of one (1) post-consolidation common share of the Company for every 1.7 pre-consolidation common share of the Company; and (ii) changed its name from \"Trail Blazing Ventures Ltd.\" to \"Hempalta Corp.\". Accordingly, the current period and comparative figures in the Financial Statements and MD&A are reflective of Hempalta Corp.'s operating activities, and should be read in conjunction with the audited financial statements for the years ended September 30, 2023 and 2022 for each of the Company (under its previous name, Trail Blazing Ventures Ltd.) and Hempalta Inc., which can be found on www.sedarplus.caQuarterly Financial Results The Financial Statements and MD&A represent the initial financial reporting shared for Hempalta Corp. Revenue for the three months ended March 31, 2024 was $131,486, a 30% increase compared to the same peri...