Founders Advantage Unwinds Forward Contract, Increases Liquidity
CALGARY, Alberta, March 24, 2020 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) today announced that it has unwound its forward agreement to purchase $15 million USD in June, 2022 (entered into on December 11, 2019) in exchange for net cash proceeds of CAD$1.47 million.
James Bell, President and CEO commented: “As we anticipate that COVID-19 will have some short-term impacts on our investee partners, we wanted to increase liquidity at FAC to allow us more financial flexibility. As our USD denominated credit facility does not mature until June, 2022, we believe that maintaining short-term liquidity is a higher priority than managing our longer term foreign currency risk.”
The Corporation maintains the ability to enter into forward contracts to purchase up to USD$25 million in the event that it elects to do so at a later date.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a permanent investment approach.
The Corporation’s common shares are listed on the TSX Venture Exchange under the symbol “FCF”.
For further information, please refer to the Corporation’s website at .
Contact information for the Corporation is as follows:
| James Bell President & Chief Executive Officer 403-455-2218 | Robin Burpee Chief Financial Officer 403-455-9670 | Amar Leekha Sr. Vice-President, Capital Markets 403-455-6671 |
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.
