Tech firm HUMBL Inc (OTCMKTS:HMBL) was in focus earlier on in the week when it announced that it had managed to secure an equity financing agreement with the firm Pacific Lion LLC. As per the provisions of the agreement, Pacific Lion would buy up HUMBL common stock worth a maximum of $20,000,000.
However, that is not all. Additionally, Pacific Lion also agreed to provide HUMBL with a bridge loan of $800000 in the form of a Convertible Promissory Note up until the shares that are going to be offered under the Equity Financing Agreement are actually registered. It was a significant new development for HUMBL and one that may bring the stock into focus among investors.
The company also announced at the same time that other than the agreement with Pacific Lion, it had also managed to raise $220,000 in financing through the sale of warrants and common stock to a number of private investors. The promissory note would bear an annual interest rate of 6% and would be due on May 10 next year. If the HUMBL stock is uplisted then the note would be converted automatically to 80% of the offering price of the common shares
