Hero Technologies Raises $560,000 in Reg. D Equity Offering

Rhea-AI Summary

Hero Technologies Inc (OTC PINK:HENC) announced the successful raising of $560,000 through an equity offering at approximately $0.0240 per share. The company reports no involvement of convertible debt in this transaction. Proceeds will be used for general corporate purposes and business development. Following the reduction of its debt to zero, the company aims to expand its operations and acquisition activities in Michigan and other key cannabis markets. The firm operates a vertically-integrated business model in the cannabis sector.

Positive

• Raised $560,000 without convertible debt.
• Reduced debt to zero, enhancing financial stability.
• Plans to use funds for aggressive business development.

Negative

• None.

Proceeds slated to spur corporate development

DOVER, DE / ACCESSWIRE / March 1, 2021 / Hero Technologies Inc. (OTC PINK:HENC) (Twitter: heroicmindtech), a vertically-integrated cannabis company, today announced that it has raised $560,000 in capital through an equity offering, per Regulation D Section 506(b), at approximately $0.0240 per share. The transaction involved no convertible debt, only common shares.

The company plans to use the proceeds of the transaction for general corporate purposes, including corporate development. The company recently reduced its debt to zero by converting the convertible debt currently held by P2B Capital LLC, an entity controlled by an insider. With a clean balance sheet and increased liquidity, the company expects to expand both acquisition activities and organic expansions of existing operations.

"We are very pleased to raise $560,000 without convertible notes or other ‘toxic' financing vehicles," said Hero Technologies' CEO Gina Serkasevich. "In addition to reducing our debt, we plan to earmark these funds for aggressive business development. We have built a strong new deal team, which is poised to expand our current initiatives in Michigan and additional states with key cannabis markets."

About Hero Technologies
Hero Technologies Inc. is a cannabis company with a vertically-integrated business model. The company has a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging and retail operations, and dispensaries that make the company a multi-state operator (MSO).

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "project," "seek," "should," "target," "will," "would" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.

Hero Technologies Contact:
Ms. Gina Serkasevich, CEO
(302) 538-4165 | info@herotechnologiesinc.com

SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/631735/Hero-Technologies-Raises-560000-in-Reg-D-Equity-Offering

FAQ

What is the significance of Hero Technologies raising $560,000?

The $560,000 raised by Hero Technologies through an equity offering will support general corporate purposes and foster business development.

How did Hero Technologies reduce its debt?

Hero Technologies eliminated its debt by converting convertible debt held by an insider, resulting in a clean balance sheet.

What are Hero Technologies' plans after raising capital?

After raising capital, Hero Technologies plans to expand acquisition activities and enhance organic growth in key cannabis markets.

What is the stock symbol for Hero Technologies?

The stock symbol for Hero Technologies is HENC.

What type of financing did Hero Technologies use for the capital raise?

Hero Technologies utilized an equity offering under Regulation D Section 506(b) for their capital raise.