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Avicanna Enters Into USD$5 Million Revolving Credit Facility
Avicanna Enters Into USD$5 Million Revolving Credit Facility Canada NewsWire TOR...
About this update from Avicanna Inc
[{"type":"text","content":"\n\n\n\nAvicanna Enters Into USD$5 Million Revolving Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 27, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/\n TORONTO, Dec. 27, 2019 /CNW/ - Avicanna Inc. (\"Avicanna\" or the \"Company\") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that it has entered into a credit facility (the \"Credit Facility\") with Inmobiliaria Bondue S.A.S. (\"Bondue\") pursuant to which Avicanna will be entitled to borrow up to USD$5,000,000.\n\n \n \n\n \nAdvances made under the Credit Facility will bear interest at a rate of 8.0% per annum. The Credit Facility is unsecured and is repayable upon a default by Avicanna or the demand of Bondue. The Credit Facility is intended to be used for general working capital purposes.\nBondue, a \"related party\" for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), is a party to the Credit Facility and the execution of the associated loan documentation is considered a \"related party transaction\" for the purposes of MI 61-101. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 and the minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101 as the fair market value of the transaction, insofar as it involves related parties, is not more than 25% of the Company's market capitalization.\nAbout AvicannaAvicanna is an Ontario corporation focused on the development, manufacturing and commercial...