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Sugarbud Closes Non-Dilutive Secured $5.0 Million Credit Facility with Connect First Credit Union Ltd.
Sugarbud Closes Non-Dilutive Secured $5.0 Million Credit Facility with Connect First Credi...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nSugarbud Closes Non-Dilutive Secured $5.0 Million Credit Facility with Connect First Credit Union Ltd.\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\nCALGARY, May 28, 2020\n\n\n\nCALGARY, May 28, 2020 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) (\"Sugarbud\") is pleased to announce that it has closed the previously announced $5.0 million senior secured credit facility with Connect First Credit Union Ltd (\"First Calgary\"). \n\n \n \n \n \n \n \n\n \n\"Our new credit facility with First Calgary provides a significant injection of working capital to the Company – materially addressing our working capital needs through the balance of 2020, after which, we anticipate being operating cash flow positive\" stated Sugarbud Chief Executive Officer, John Kondrosky. \"We also view this credit facility as a strong vote of confidence from a tier one lender in our organization and our ability to continue to successfully execute against our operating plan and primary corporate objectives\", added Mr. Kondrosky. \nThe committed rate under the credit facility is the Canada Bond rate for 5 years + 3.55% with a minimum floor rate of 4.25%. The full amount of the new debt facility is now available and will be partially used to repay the $2.04 million outstanding under the previous debt facility and for ongoing working capital purposes.  Additional details in respect of the new credit facility are included in the Company's press release dated May 22, 2020.\nRead: Sugarbud Announces Non-Dilutive Secured $5.0 Million Credit Facility with Connect First Credit Union Ltd.\nAbout Sugarbud \nSugarbud is a federally licensed, Alberta-based, craft cannabis company; focused on the cultivation and production of superior, select-batch, craft cannabis products. Our mission is to become a trusted and well-respected brand - renowned for providing exceptionally high-quality craft cannabis products - thereby delighting the most discerning of cannabis consumers.\nhttp://www.sugarbud.ca/\nForward Looking and Cautionary Statements \nThi...