Bloomios, Inc. announced that it expects to receive $0.25 million in funding
November 30, 2021
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Bloomios, Inc. announced that it has entered into a securities purchase agreement with non-affiliated accredited investor for a private placement of a convertible promissory note for gross proceeds of $250,000 on November 30, 2021. The note will be issued at a discount of $25,000 to face value of $275,000. The note carries a fixed coupon of 10% per annum and will mature in 9 months from the date of issue on August 29, 2022. The note will be convertible into common shares at a fixed conversion price of $1.08 per share. The note provides that the investor may not convert any amount of the note that would result in the beneficial ownership of greater than 4.99% of the outstanding shares of the company, with the exception that the beneficial ownership limitation may be waived up to a maximum of 9.99% at the election of the investor, with not less than 61 days prior notice. In addition, the company also issued 250,000 warrants to issuer which are exercisable having a term of 60 months at an exercise price of $1.08. The warrants are convertible into common stock of the company. The securities are subject to exemption provided under the Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.
Bloomios, Inc. manufactures, markets, and distributes hemp-derived supplements and cosmetic products through wholesale distribution channels in the United States, through its wholly owned subsidiary, Bloomios Private Label (BPL). BPL is engaged in the manufacturing, processing, sourcing and distribution of hemp-derived, nootropic and nutraceutical products to wholesalers and retailers. The Company manufactures hemp infused products ranging from human edibles, pet edibles, liquid consumables such as tinctures and shots, topicals, and smokable hemp. It provides support at each step from custom formulation, order fulfillment, and brand development. Its product categories include edibles, tinctures, oils, salves, capsules, balms, lotions, creams, beverages and pet treats. It offers its private-label and white-label customers a collections of customizable hemp products that includes over 80 products across seven categories in addition to custom formulation and manufacturing services.