Business
RUM Financing now $25 million
RUM Financing now $25 million
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"\nRUM Financing now $25 million\n\n\n Jul. 9, 2010 (Filing Services Canada) -- Rocky Mountain Liquor Inc. (RUM - TSX Venture), (\"Rocky Mountain\" or the \"Company\"), listed on the TSX Venture Exchange (the \"Exchange\"), today reported its subsidiary Andersons Liquor Inc. (\"Andersons\") has secured increased financing from its senior lender, The Toronto-Dominion Bank (\"Senior Secured Lender\").  The new non-syndicated facilities increases Senior Secured Lender commitments for Andersons and increases availability from $15 million to $25 million\"Our partnership with TD Bank has been mutually rewarding. This amount of committed financing is a demonstration of the bank's confidence in our past performance, our business model and our growth strategy,\" said Peter Byrne, CEO.Rocky Mountain has provided a corporate guarantee and general security agreement to support credit facilities for Andersons.  The credit facilities can be used for general corporate purposes including investment buys on inventory, acquisition of liquor stores, and new store \"green-field\" developments.  Mr. Tracey Bean, CFO, explained the terms of the secured revolving credit facilities. \"The entire $25 million is committed for 364 days with Bankers Acceptance based pricing plus a spread ranging from 2.0 percent to 3.0 percent depending on the Company's performance.\"   Mr. Bean, commenting on availability stated, \"We are currently using about $10 million, which therefore gives us additional availability of approximately $15 million. The increase will provide sufficient funding to increase the number of liquor store locations.\" About Rocky Mountain Liquor:Rocky Mountain Liquor owns 100% of Andersons Liquor Inc. (\"Andersons\") headquartered in Edmonton Alberta, which owns and operates 30 private liquor stores in that province.  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release contains \"forward-looking statements\" within the meaning of applicable securities laws relating to the future growth and priorities for the Company, and the ability to execute the business strategy. Readers are cautioned not to place undue reliance on forward-loo...