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CANARA BIOTECH INC. SECURES AN ADDITIONAL $10 MILLION IN NON-DILUTIVE CAPITAL WITH ITS LEAD CREDIT PROVIDER, BMO COMMERCIAL BANKING
CANARA BIOTECH INC. SECURES AN ADDITIONAL $10 MILLION IN NON-DILUTIVE CAPITAL WITH ITS LEAD CREDI...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n CANARA BIOTECH INC. SECURES AN ADDITIONAL $10 MILLION IN NON-DILUTIVE CAPITAL WITH ITS LEAD CREDIT PROVIDER, BMO COMMERCIAL BANKING\n \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 Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n May 4, 2023\n \n \n /CNW/ -\n \n Cannara Biotech Inc.\n \n (\"\n \n Cannara\n \n \" or the \"\n \n Company\n \n \") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative product offerings at affordable prices  with two mega facilities based in Québec spanning over 1,650,000 sq. ft., announced today that they have raised an additional\n \n $10 million\n \n of credit facilities from its  lead bank, BMO Commercial Banking via a\n \n $5 million\n \n increase in its term loan facility and a\n \n $5 million\n \n increase in its revolving line of credit. Under the terms of the initial agreement that was announced on\n \n June 1, 2022\n \n , the credit facility included a three-year term loan for\n \n $45 million\n \n with an accordion for up to an additional\n \n $10 million\n \n and a\n \n $5 million\n \n line of credit. Other favorable terms as part of the original deal included a declining interest rate over time as the Company hits certain covenant thresholds and the ability to repay the facility without penalty at any time.\n \n \n \n \n \n \n \n \n \n The new term loan proceeds will be used to fund the completion of the construction of a 44,950 sq. ft. building adjacent to the\n \n Valleyfield\n \n mega-facility, in an unlicensed area which has been pre-leased to a new non-cannabis tenant, creating an accretive real estate asset with incremental future cash flows. The additional amounts available under the expanded credit line will provide flexibility in working capital during this high growth stage of Cannara's development.\n \n \n \"An opportunity to maximize one of our assets currently not in use that will generate additional cash flow from a reputable tenant made this an easy decision,\" stated Nicholas Sosiak, Chief Financi...