Business
Rumbu Announces Acquisition of Mackenzie Funeral Chapel
Calgary, Alberta--(Newsfile Corp. - July 31, 2024) - Rumbu Holdings Ltd . (TSXV: RMB) ("Rumbu" o...
About this update from Rumbu Holdings Ltd
[{"type":"text","content":"\nRumbu Announces Acquisition of Mackenzie Funeral ChapelCalgary, Alberta--(Newsfile Corp. - July 31, 2024) - Rumbu Holdings Ltd. (TSXV: RMB) (\"Rumbu\" or the \"Company\"), announces that it has completed a transaction to acquire Northern Funeral Service Ltd. (\"Northern\") also known as MacKenzie Funeral Chapel, located in Prince Albert, Saskatchewan (the \"Transaction\"). In the Transaction, Rumbu purchased all of the issued shares of Northern held by the Vendors utilizing funds from the previously announced lending facility of the Company with the Bank of Montreal and through the issuance of Promissory Notes to the Vendors in the amount of $300,000 CDN. The Promissory Notes bear interest at the annual rate of 4% and the Notes are repayable in five (5) years from the Closing Date of the Transaction. Rumbu has retained most of the current staff of Northern and will continue to operate the funeral home and business acquired. The acquisition supports Rumbu's commitment to acquiring, partnering, managing and operating funeral homes, crematoriums and aquation facilities in Western Canada. With the aging ownership in the funeral service business, Rumbu plans to lead the way in assisting funeral home owners to transition their businesses to current employees or aspiring funeral directors who are looking to operate in rural or mid market communities. This will allow Rumbu to maintain continuity and continue to provide quality funeral services in these communities.Daryl Lockyer, the President of Rumbu said: \"We are very pleased with the progress the Company has made in acquiring funeral homes and creating partnerships with funeral home directors in Western Canada.\"About Rumbu Rumbu is a publicly traded Funeral Service, Memorial and Death Care Company trading on the TSX Venture Exchange under the trading symbol RMB. The Company operates in the funeral home business in Western Canada and provides funeral and cremation related services to the public in its market area. Rumbu will provide a vehicle to expand its funeral home business in Western Canada through the acquisition of additional funeral homes and partnering with owners of funeral homes.Neither the 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...