Eve & Co Converts Existing $18.7 Million Construction Facility to Term Facility
January 07 2020 - 4:30PM
Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V:
EVE; OTCQX: EEVVF) is pleased to announce that it has converted its
existing short term $18,700,000 construction facility (the
“Construction Facility”) with a Canadian Schedule I Bank to a five
year term facility (the “Term Facility”). The interest rate of the
facility as previously announced by the Company in March 2019
remains unchanged.
The proceeds of the Construction Facility were
used to fund the completion of a 780,000 square foot expansion of
Eve & Co’s greenhouse production facility in Strathroy,
Ontario. Construction on the expansion was completed in August 2019
and the Company announced Health Canada’s approval of the
expansions as a grow area on December 16, 2019.
The Term Facility is provided to Eve & Co’s
wholly-owned subsidiary Natural MedCo Ltd. (“NMC”), is guaranteed
by Eve & Co and is primarily secured by a collateral mortgage
on NMC’s property located in Strathroy, Ontario. The Term Facility
is subject to certain customary financial and other covenants for a
financing of this type.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licences under the Cannabis Act (Canada) for the
production and sale of various cannabis products, including dried
cannabis, cannabis plants and extraction of cannabis oil. Natural
MedCo Ltd. was Canada’s first female founded licensed producer of
medicinal marijuana and received its cultivation licence from
Health Canada in 2016. Eve & Co is led by a team of
agricultural experts and has a licensed 1,000,000 square foot
greenhouse located in Strathroy, Ontario.
The Company’s website can be visited
at www.evecannabis.ca.
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 this release.
Notice regarding forward looking
statements:
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, opportunities for growth, future,
strategy, plans, objectives, goals and targets, and any statements
preceded by, followed by or that include the words “believe”,
“expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”,
“would”, “anticipate”, “estimate”, “forecast”, “predict”,
“project”, “seek”, “should” or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict, including those described in the Company’s management’s
discussion and analysis for the three and nine month periods ended
September 30, 2019 which is available on the Company’s SEDAR
profile. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. The forward-looking information and forward-looking
statements included in this news release are made as of the date of
this news release. The Company does not undertake an obligation to
publicly update such forward-looking information or forward-looking
information to reflect new information, subsequent events or
otherwise unless required by applicable securities law.
For further information, please contact:
Melinda Rombouts President and Chief Executive Officer Eve &
Co Incorporated Telephone: (855) 628-6337
Landon Roedding Chief Financial Officer Eve & Co
Incorporated Telephone: (855) 628-6337
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