Generation Alpha, Inc. announced that it has received $0.275 million in funding from Yorkville Advisors Global LP
October 28, 2019
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Generation Alpha, Inc. (OTCPK:GNAL) announced that it has entered into securities purchase agreement wherein it issued secured convertible debentures for gross proceeds of $275,000 on October 29, 2019. The transaction included participation from existing investor, YA II PN, LTD., a fund managed by Yorkville Advisors Global LP. The company also issued 5,500,000 warrants in the transaction. Each warrant can be exercised to purchase an additional common shares of the company at an exercise price of $0.05 per share expiring on October 29, 2024. The bonds will mature on April 29, 2020 and carry rate of interest of 10% per annum. The rate of interest shall be 15% per annum in the event of default. The debentures shall be convertible into common shares of the company. The securities are issued pursuant to exemption provided under regulation D. The company shall incur $10,000 as a due diligence and structuring fee and shall pay to the designee a commitment fee of $27,500 in the transaction. The company may redeem in whole or part the outstanding principal and interest under the debentures.
Generation Alpha, Inc. is focused on the research, design, development and manufacturing of indoor horticulture lighting, plant nutrient products and ancillary equipment. The Company operates through the manufacture and distribution of its products. The Company is focused on bringing products and solutions to commercial and retail cannabis growers in both the medical and adult-use recreational space in legal markets across the United States. The Companyâs product line includes hydroponic resellers/retail and direct-to-consumer/online. The Companyâs lighting and nutrient customers include retail stores, distributors and commercial growers in the United States and abroad. Its product line has evolved from digital ballasts to a line of lighting products, including a line of specialty ballasts ranging from 400 watts to 1,000 watts with various features, its Lamp Products, a line of reflectors, lighting accessories and a line of light emitting diode (LED) lighting technologies.