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Hallmark Venture Group, Inc. (OTC Markets:HLLK), a real estate company, has entered into significant financial agreements, including the issuance of promissory notes and the establishment of a service agreement with Creative Venture Capital LTD (CVC), according to an 8-K filing with the Securities and Exchange Commission.
On October 9, 2024, Hallmark authorized the issuance of up to $500,000 in non-convertible promissory notes with a 12% monthly interest rate, maturing six months from the issuance date. Alongside the notes, purchasers will receive warrants exercisable at $2.00 per share, expiring two years after issuance. Additionally, the company issued a $50,000 promissory note and a warrant to purchase 1,250 shares of its common stock.
In a separate development, Hallmark Venture Group inked an agreement with CVC on October 31, 2024, under which CVC will introduce Hallmark to potential clients and partners in return for 5% of the revenue generated from these introductions.
The company also announced the appointment of Nicholas Cardosi to its board of directors on October 31, 2024. Cardosi brings over a decade of experience in digital advertising and has held significant roles at companies such as Carbon DMP and Clicksco. He is also a principal at CVC.
Furthermore, on October 23, 2024, Hallmark entered into a compensation agreement with President and CEO Evan Bloomberg. The 24-month agreement includes $1,000,000 in company stock, an annual salary of $340,000, and a performance-based bonus contingent on quarterly revenues.
These financial maneuvers and strategic partnerships could potentially expand Hallmark Venture Group's business operations and revenue streams. The company is based in Escondido, CA, and operates in the real estate sector under the SIC code 6500. The details of these agreements are included in the exhibits attached to the SEC filing, which provides the basis for this report.
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