VANCOUVER,
BC, June 19, 2024 /CNW/ - Simply Better Brands
Corp. ("SBBC" or the "Company") (TSX Venture: SBBC) (OTCQB: SBBCF)
is pleased to announce that it has secured USD $5 million in credit facilities with a Tier One
Canadian bank for its 100% owned subsidiary TRU Brands Inc.
Under the terms of the agreement, up to USD
$5 million (CAD $6.8 million) in credit facilities is available
to Tru Brands Inc and its Canadian subsidiary Trubrands Snack
Company Inc. in the form of a letter of credit or financial
guarantees. The Company is also working with this bank on
additional credit facilities to further reduce its cost of capital
for Tru Brands Inc.
The credit facilities feature rates of 1.5% per
annum with Letters of Guarantee and 2% per annum with Letters of
Credit. In addition, the Company will incur additional fees on
these credit facilities of approximately 2-2.5% as these credit
facilities are 100% guaranteed by Export Development Canada (EDC).
These credit offerings will substantially lower the cost of capital
to 3.5-4% per annum compared to its current line of credit
financing arrangement that averages 15% per annum.
The Company intends to use these credit
facilities to support the expansion of
TRUBAR™ sales in the U.S., Canada and other international markets.
Kingsley Ward,
Chairman and CEO of SBBC said, "We are excited to partner with this
market leading bank on these credit facilities. These facilities
will support the expansion of sales of TRUBAR™ in
our core U.S. market, Canada and
other international regions by significantly reducing the cost of
capital to finance the strong growth of our brand."
About Simply Better Brands Corp.
Simply Better Brands Corp. is an
international omni-channel platform with a portfolio of
diversified assets in the rapidly growing plant-based, natural, and
clean ingredient space. The Company targets informed,
health-conscious Millennial and Generation Z consumers with a focus
on opportunities for expansion into high-growth consumer product
categories. For more information on Simply Better Brands
Corp., please visit: For more information on Simply Better Brands
Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
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.
SOURCE Simply Better Brands Corp.