Business
Hempalta Announces Issuance of Warrants and TSXV Approval for $325,000 Loan Financing
Calgary, Alberta--(Newsfile Corp. - March 10, 2025) - Hempalta Corp. (TSXV: HEMP) ("Hempalta" or ...
About this update from Next Phase Ventures Limited
[{"type":"text","content":"Hempalta Announces Issuance of Warrants and TSXV Approval for $325,000 Loan FinancingCalgary, Alberta--(Newsfile Corp. - March 10, 2025) - Hempalta Corp. (TSXV: HEMP) (\"Hempalta\" or the \"Company\") is pleased to announce that pursuant to its press release dated March 3, 2025 (the \"Initial Release\"), it has received approval from the TSX Venture Exchange (the \"TSXV\") for the previously announced $325,000 term loans (the \"Loan\"). The Loan, as disclosed in the Initial Release, was advanced by insiders and major shareholders Darren Bondar and Prairie Merchant Corporation (the \"Lenders\"). The Loan bears an interest rate of 12% per annum and is secured against certain assets of the Company. The Loan is repayable on the earlier of: (i) one year from the date of issuance; (ii) the successful marketing and sale of the Company's turnkey hemp production facility and processing equipment, or (iii) a financing to the Company of gross proceeds over $1MM. This Loan provides additional working capital to support Hempalta's strategic focus on scaling its industrial hemp carbon credit platform through the Hemp Carbon Standard.​In connection with the Loan, Hempalta has issued an aggregate of 5,416,667 common share purchase warrants (the \"Warrants\") to the Lenders. Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.06 per share for a period of one year from the date of issuance. The Warrants are subject to a statutory four-month and one-day hold period, in accordance with applicable securities laws and the policies of the TSXV.​As the Lenders are insiders of the Company, the issuance of the Warrants constitutes a \"related party transaction\" within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of the Lenders' participation.​\"We are grateful for the continued support from our major shareholders,\" said Darren Bondar, CEO of Hempalta. \"This financing strengthens our ability to execute our strategic focus on the rapidly expanding voluntary carbon market, leveraging industrial hemp's potent...