HUMBL Announces Additional Bridge Round Investments
San Diego, California, May 25, 2021 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC Markets: HMBL) announced today that it has closed on $2,500,000 (USD) in two new financings. These two financings will be used as a bridge to help HUMBL get to its $50,000,000 equity financing agreement. As a result of these financings, HUMBL has $6,005,615 in free cash in its bank account as of today’s date.
The round included investment from the United States and Australia. In exchange for $1,500,000 in cash, HUMBL issued to the first investor group $1,530,000 in convertible promissory notes. The notes bear interest at 8% per annum and are convertible at the investors’ election at a fixed price of $1.00 per share. The notes are due in 22 months.
In addition, HUMBL issued warrants to purchase 3,000,000 shares of common stock to the investors. The exercise price for the warrants is $1.00 per share. The warrants are cash exercise only. HUMBL also agreed to register the underlying warrant shares.
HUMBL also raised funds through a separate offering with Archura Capital Pty Ltd. (Archura). In exchange for $1,000,000, HUMBL issued to Archura a $1,020,000 convertible promissory note. The note bears interest at 8% per annum and is convertible at Archura’s election at $1.00 per share. The note is due in 22 months.
The agreement provides the first steps of alignment of Archura and HUMBL in the Oceania region and opens the gateway to building stronger relationships with key partners and potential acquisitions. Archura has strategically acquired the transfer of existing warrants from Tuigamala Group Pty Ltd to a subsidiary of Archura’s. In connection with issuance of the note, HUMBL has agreed to extend the exercise period of the warrant from one year to two years and to register the underlying warrant shares.
A spokesperson from the Tuigamala Group, former New Zealand All Black Inga “The Winger” Tuigamala, said the group is excited to partner with HUMBL and looks forward to rolling out the HUMBL NFT Gallery in conjunction with key Oceania sports organizations.
HUMBL plans to use the proceeds for general operating expenses, with a focus on additional technology team members in both its fiat currency and blockchain units of HUMBL Mobile Pay, HUMBL Ticketing and HUMBL NFTs.
“I would like to personally thank these investors for their support of the company. They have been believers in HUMBL from the beginning and we look forward to representing them well and with continued drive to build a lasting global brand alongside them,” said Brian Foote, CEO of HUMBL.
About HUMBL
HUMBL is a new, Web 3 platform that seamlessly connects creators, consumers and merchants in the digital economy. HUMBL has three core business divisions: HUMBL Mobile Pay, HUMBL Marketplace, and HUMBL Financial, which work together to package new technologies like blockchain for global consumers.
About Archura
Archura specializes in wealth and asset management with a passion to benefit communities and family lifestyles -- .
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Forward Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
