MJardin Group Reaches a Major Milestone In Its Debt Amendment Process
May 29 2019 - 9:25AM
MJardin Group, Inc. (“
MJardin” or “the
Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in
premium cannabis production, announced today that the Company has
agreed with its senior lender to amend certain terms associated
with its borrowing obligations (the “
Agreement”).
The Agreement provides for a revised maturity of MJardin’s
senior debt to April 2021 and removes the callable nature of the
loan. In addition, the senior lender has agreed to provide up to
CAD$20MM in additional borrowings.
“Our senior lender remains a supportive partner, committed to
MJardin’s long-term growth,” commented Adrian Montgomery, Chairman
and Interim CEO. “This amendment represents a significant
improvement to our balance sheet and puts MJardin on a clear path
to achieve our plans in the coming years. This transaction bolsters
our ability to execute predictable results in the markets we
presently serve, and will help us to deliver enhanced growth in new
markets and verticals.”
As a result of the amendment, the Company’s management and board
reaffirms its confidence in executing the previously disclosed 2019
and 2020 business plans.
About MJardin GroupMJardin is a cannabis
management platform with extensive experience in cultivation,
processing, distribution and retail. For over 10 years, MJardin has
refined cultivation methodologies, developed state of the art
facilities and implemented vertical integration for and on behalf
of license owners. MJardin is based in Denver, Colorado and
Toronto, Canada. For more information, please visit
www.mjardin.com
The CSE has not in any way passed upon the
merits of and has neither approved nor disapproved the contents of
this news release.
This news release does not constitute an offer
to sell or a solicitation of an offer to sell any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Forward-Looking InformationThis news release
contains forward-looking information based on current expectations.
Statements about, among other things, future developments and the
business and operations of MJardin, our production capacity, our
production results, trading of MJardin’s shares on the OTCQX Best
Market, the closing of the Transaction, the receipt of any pending
regulatory approvals or licenses, the growth of our global
footprint and our intentions to leverage our scale for continued
organic growth and to pursue strategic investments are all
forward-looking information. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements. Such
factors include, but are not limited to: our ability to identify
and pursue growth, financing and other strategic objectives, and
the regulatory and economic environments in the jurisdictions we
operate or intend to operate or invest in. Although such statements
are based on management’s reasonable assumptions at the date such
statements are made, there can be no assurance that the proposed
acquisition will occur and that such forward-looking information
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
forward-looking information. Accordingly, readers should not place
undue reliance on the forward-looking information. MJardin assumes
no responsibility to update or revise forward-looking information
to reflect new events or circumstances unless required by
applicable law.
|
|
INVESTOR
CONTACT: |
Ali Mahdavi |
Chris Seto |
Capital Markets & Investor Relations
|
Chief Financial Officer |
416-962-3300 |
647-242-0615 |
Ali.mahdavi@MJardin.com
|
Chris.Seto@Mjardin.com |
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