Celebrity licensing company Boldface Group—best known for its Kardashian Beauty collection—has successfully completed a $1.0 million financing from Hillair Capital Investments. According to Boldface, it was through the sale of the company's 8% senior secured convertible debentures and five-year warrants to purchase 34.6 million shares. Net proceeds from the offering are to be used for general corporate purposes.
"We are pleased with Hillair's ongoing support of the Company. We will deploy the funds for working capital purposes, including investing in the ongoing success of Kardashian Beauty. As a result of the restructuring, we have reduced our debt by nearly 40% or $0.8 million. We look forward to this next phase of growth for the company as we continue to streamline operations and focus on key areas of the business," said John LaBonty, chief executive officer and president of Boldface.
In other news, Boldface recently named a new CEO, as previously reported in Happi.