3 Dec 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
HaloSource Corporation
("HaloSource" or the "Company")
Update on Fundraising and Funding Options
HaloSource Corporation (HAL.LN, HALO.LN), the global clean water technology company traded on London Stock Exchange's AIM market, today provides a financing update.
In September 2018 the Company raised $2.0 million as the first closing of a targeted financing of $5.0 to 7.0 million which was expected to fund its operations to cash flow break even. As part of this first close, the Company's stated goals and principal use of proceeds were to (i) receive NSF 53 certification for its astreaTM ONE bottle, (ii) launch the astreaTM product and filter replacement subscription service online, (iii) launch the astreaTM product for sale on Amazon, and (iv) begin selling the astreaTM product nationwide in the US at its first retail customer, Sur La Table. All these stated goals have been achieved since the close of the first phase of the financing, and the Company has subsequently embarked on an effort to raise the balance of the targeted financing.
Whilst the Company continues to explore financing options with both new and existing investors, no additional funds have been raised to date and the Company is seeking alternative strategic options. Investors should be aware that there is no certainty that any fundraising will materialise or that any funds raised will be adequate to meet the Company's needs.
As previously announced most recently on 26 October 2018, the Company's cash position is expected to fund the Company until around the end of December 2018. The Company's cash resources are now low and the Company is managing its working capital position closely. If the Company is not able to complete a fundraising prior to the Company exhausting its cash resources the Board will have no choice but to initiate insolvency proceedings.
Enquiries:
HaloSource, Inc. | |
James Thompson, Chief Executive Officer | +1 425 419 2257 |
Craig Crowell, Chief Financial Officer | +1 425 419 2248 |
WH Ireland Limited (NOMAD and Broker) | |
Chris Fielding / Chris Viggor | +44 (0)20 7220 1666 |