Business
Green Rise Foods Announces Q1 Fiscal 2022 Results and Provides an Update on Its Acquisition of 16-Acre Greenhouse
Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - Green Rise Foods Inc. (TSXV: GRF) ("Green ...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Announces Q1 Fiscal 2022 Results and Provides an Update on Its Acquisition of 16-Acre GreenhouseToronto, Ontario--(Newsfile Corp. - May 30, 2022) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to announce the release of its interim consolidated financial results for the three-month period ended March 31, 2022. \"Our strategies to streamline product SKUs has provided greater efficiencies to our labour and management at all of our greenhouse ranges. On the expense side, we entered into gas forward contracts, which allowed us to better absorb increases in energy costs, and management continues to stay focused on minimizing rising input costs. These strategies have started to positively impact our financial results.\" said Vincent Narang, Chief Executive Officer of Green Rise.The complete interim consolidated financial results and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.comAs previously announced on April 1, 2022, and then updated on May 11, 2022, the Company entered into a definitive asset purchase agreement with 2073834 Ontario Limited, a company principally owned and controlled by Adam Suder, the Chief Growth Officer of Green Rise, to acquire a 16-acre greenhouse range (\"Green Rise 3\" or \"GR3\") located on a 34-acre farm in Kingsville, Ontario for cash consideration of approximately CDN$15 million (the \"GR3 Acquisition\"). The acquisition will be fully funded through a conventional mortgage with the Royal Bank of Canada (\"RBC\"). The mortgage has an open variable interest rate at Prime Interest Rate plus 1.0% per annum. The Company is exploring the utilization of interest rate swaps and expects to reach a final decision on the term and interest rate on or before the closing date. The Company had previously made applications to the OSC for exemptive relief pursuant to sections 5.5 (c) and 5.7 (e) of MI 61-101. Based on discussions of these applications with both the Ontario Securities Commission and TSX Venture Exchange and given the proximity to the timing of the Company's annual meeting of shareholders scheduled for June 29, 2022, the Company has decided to withdraw its application for the exemptive relief from the OSC and instead has requested disinterested shareholders to vote on the approval of the Transact...