Staffing 360 Solutions completes $3.92m transaction to fund latest acquisition
The $3.92m convertible debenture has a 12% OID and a term of 21 months. The Hillair debenture is convertible into shares of common stock at a price of $1.00 per share at the investor's election.
"We are pleased to announce this financing and vote of confidence from Hillair," said Brendan Flood, Executive Chairman of Staffing 360 Solutions. "With this funding in place, we were able to close an acquisition, which will provide the momentum necessary to continue to execute on our goal of reaching $300 million in annualized revenue."
Darren Minton, Executive Vice President of Staffing 360 Solutions, added, "The capital markets are a critical component to driving our accretive acquisition strategy, which we have outlined on recent investor conference calls. We look forward to sharing more details of our acquisition shortly as we continue to fuel our growth in 2015 and beyond."
In connection with the financing, Staffing 360 Solutions issued to Hillair 1,250,000 shares of common stock and certain common stock purchase warrants. The transaction was in reliance upon exemptions from registration pursuant to the provisions of Section 4(a)(2) or Rule 506 of Regulation D under the Securities Act of 1933, as amended.
The transaction was managed by Alexander Capital L.P. as the financial advisor.
Staffing 360 Solutions is a public company executing a global buy-and-build strategy through the acquisition of staffing organizations with operations in the US and UK