Delta 9 Cannabis RECORD Q2 2020 (TSX: DN) (OTCQX: VRNDF)
Delta 9 Cannabis RECORD Q2 2020 (TSX: DN) (OTCQX: VRNDF)
Breaking News | Rich Tv Live – September 2, 2020 – DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”), is pleased to announce that it has amended the Company’s credit facilities (the “Credit Facilities”) with Canadian Western Bank (the “Bank”) with the addition of new loan segments and amendments to certain existing loan segments. The amendments bring the Company’s total Credit Facilities with the Bank to approximately $22 Million and increase the company’s cash position by $5.4 Million.
“Delta 9 is one of the only cannabis operators in Canada that have been successful at accessing conventional credit facilities with a Tier 1 chartered bank,” said Delta 9 CEO, John Arbuthnot. “This additional cash, together with working capital of $24.5 Million and $6.0 Million in cash as of June 30, 2020, leave us well-positioned to continue the Company’s strategic growth plans and implementation of its business initiatives.”
The Company entered into its original credit facilities with the Bank in the amount of $12.0 million on July 24, 2018, which was increased to $18.1 million on August 14, 2019.
The amendments to the Credit Facility represent five additional loan segments each of which is allocated for a different purpose and each with its own terms. The new loan segments bear interest of between 3.45% and 5.99% per year.
“In order to maximize shareholder value over the long term, it was important to us to find a non-dilutive source of capital to help finance our growth,” said Delta 9 CEO, John Arbuthnot. “The relationship between our Company and the Bank has grown steadily over the last two years since the original financing and these amendments demonstrate the Company’s financial strength and operating track record.”
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