Business
Avant Brands Announces DIP Financing to The Flowr Corporation
KELOWNA, BC / ACCESSWIRE / October 20, 2022 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:...
About this update from Avant Brands Inc
[{"type":"text","content":"Avant Brands Announces DIP Financing to The Flowr CorporationKELOWNA, BC / ACCESSWIRE / October 20, 2022 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\") announced today that 1000343100 Ontario Inc. (the \"DIP Lender\"), an entity of which Avant owns 50% of the issued and outstanding shares, has executed a term sheet with The Flowr Corporation (FLWR; FLWPF) (\"Flowr\") and its subsidiaries, The Flowr Group (Okanagan) Inc. (\"Flowr Okanagan\"), The Flowr Canada Holdings ULC (\"Flowr ULC\") and Terrace Global Inc. (\"Terrace\" and collectively with the Company, Flowr Okanagan and Flowr ULC, the \"Flowr Group\") pursuant to which the DIP Lender will advance a debtor-in-possession (\"DIP\") loan in the amount of $2,000,000 (the \"DIP Loan\") in connection with the Flowr Group's application for protection from the Ontario Superior Court of Justice (Commercial List) (the \"Court\") under the Companies' Creditors Arrangement Act (the \"CCAA\").The DIP Loan is conditional on, among other things, the approval from the Court. Avant will provide updates with respect to the CCAA in due course.About Avant Brands Inc.Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products, based on unique and exceptional cultivars. Avant's products are distributed via three complementary sales channels: recreational, medical and export.Avant's recreational consumer brands include: BLKMKT™, Tenzo™, Cognōscente™ and Treehugger™, all produced from rare and exceptional cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba, Atlantic Canada, and the territories. The Company's medical cannabis brand, GreenTec™, is distributed nationwide, directly to qualified patients through its GreenTec Medical portal, and through various medical cannabis partners.Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT), and cross-trades on the OTCQX Best Market (OTCQX: AVTBF) and Frankfurt Stock Exchange (FRA: 1BU0). The Company is headquartered in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.To learn more about Avant, to access the investor presentation, or learn more about its co...