Eve & Co Converts Existing $18.7 Million Construction Facility to Term Facility
STRATHROY, Ontario, Jan. 07, 2020 (GLOBE NEWSWIRE) -- 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 .
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
