04:31 PM EST, 12/31/2024 (MT Newswires) -- Halmont Properties (HMT.V) near the close of trade Tuesday announced that it has closed a non-brokered private placement offering for $50 million.

A statement noted the offering consisted of 50 million series II convertible preferred shares of the corporation at a price of $1.00 per Series II Convertible Preferred Share. Each Series II Convertible Preferred Share entitles the holder thereof to a 5.0% annual dividend, payable as and when declared by the board of directors of the corporation.

The gross proceeds from the offering will be used to further increase Halmont's investment in the real estate and forest sectors and will also be used to pay existing debt obligations, thereby "strengthening Halmont's balance sheet and enhancing financial flexibility."