SHERWOOD
PARK, AB, July 8, 2024 /CNW/ - (TSXV: VTX) - Vertex
Resource Group Ltd. ("Vertex" or the "Company") is pleased to
announce that is has entered into an agreement with a syndicate of
Canadian financial institutions which amends and extends its credit
facilities (the "Credit Facilities")
The principal amendments to the $76.0
million Credit Facilities included the following items:
- an extension of the maturity date from May 31, 2025 to the earlier of: (a) May 31, 2027 or (b) six months prior to the
maturity of the Company's convertible debenture on March 7, 2027; and
- the syndicated term loan was increased by $5.0 million and the accordion facility was
reduced by $5.0 million.
The Company's banking syndicate is now led by RBC Bank Canada
who serves as the sole Administrative Agent. The syndicate
also includes ATB Financial, Canadian Western Bank and National
Bank of Canada.
ABOUT VERTEX
Since 1962, Vertex has been a leading North American provider of
environmental services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff
of approximately 1,000 employees and lease operators that provide
services to help clients achieve their developmental and
operational goals. From initial site selection, consultation and
regulatory approval, through construction, operation and
maintenance, to conclusion and environmental cleanup, Vertex
provides a wide array of services to customers operating in
industries such as energy, mining, utilities, private development,
public infrastructure, construction, telecommunications, forestry,
agriculture and government.
Vertex principally operates in Canada with select locations in the United States.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
This Press Release contains forward-looking statements and
information ("forward-looking statements") within the meaning of
applicable Canadian securities laws. The forward-looking statements
contained in this Press Release are based on the expectations,
estimates and projections of management of Vertex as of the date of
this Press Release unless otherwise stated. The use of any of the
words "believe", "expect", "anticipate", "contemplate", "target",
"plan", "outlook", "potential", "estimated", "intends", "continue",
"may", "will", "should" and similar expressions are intended to
identify forward-looking statements. More particularly and without
limitation, this Press Release contains forward-looking statements
concerning anticipated financial performance; the outlook for 2024;
the Company's ability to grow profitably; sufficiency of working
capital; and with respect to Vertex's ability to meet evolving
customer demands.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Investors are cautioned that forward-looking
statements are based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made, and actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the
industries in which Vertex operates in general, such as:
- Ability to access sufficient capital from internal and external
sources
- Ability to market to new customers
- Ability to obtain equipment in a timely and cost-efficient
manner
- Ability to secure work
- Adjustments and cancellations of backlog
- Changes in legislation including, but not limited to, tax laws
and environmental regulations
- Collection of recognized revenue
- Commodity price, interest rate and exchange rate
fluctuations
- Competition, ethics, and reputational risks
- Compliance with environmental laws risks
- Cyber-security risks
- Economy and cyclicality
- Global pandemics
- Health, safety and environmental risks
- Industry and inherent project delivery risks
- Insurance risk
- Joint venture risk
- Labour matters
- Litigation risk
- Loss of key management; ability to hire and retain qualified
and capable personnel
- Maintaining safe worksites
- Operational risks
- Potential for non-payment and credit risk and ongoing financing
availability
- Third party credit risk
- Unforeseen weather conditions
- Unanticipated shutdowns, work stoppages, and lockouts
- Volatility of market trading
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could
affect the operations or financial results of the parties, and the
combined company are included in reports on file with applicable
securities regulatory authorities, including but not limited to:
Annual Information Form for the year ended December 31, 2023, which may be accessed on
Vertex's SEDAR+ profile at www.sedarplus.ca.
The forward-looking statements contained in this Press Release
are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as, and to the extent required by applicable
securities laws.
SOURCE Vertex Resource Group Ltd.
