Eve & Co Enters Into Credit Facility With Royal Bank of Canada to Fund Expansion of Its Greenhouse Production Facility
March 19 2019 - 8:46AM
Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V:
EVE; OTCQB: EEVVF) is pleased to announce that Eve & Co,
through its wholly-owned subsidiary Natural MedCo Ltd. (“NMC”), has
entered into an $18,700,000 construction facility with Royal Bank
of Canada (the “Lender”) to fund the completion of the 780,000 sq.
ft. expansion of its greenhouse production facility located in
Middlesex County, Ontario. After completion of the expansion
which is expected by the end of Q2 2019, it is contemplated that
the construction facility will be replaced with a non-revolving
term facility. Interest on the facilities will float at a
rate of 1.00% per annum above the Lender’s prime lending rate,
which currently is 3.95% per annum.
The obligations under the facilities will be
guaranteed by Eve & Co and will be primarily secured by a
collateral mortgage on NMC’s property located in Middlesex
County. The facilities are subject to certain customary
financial and other covenants for a financing of this type and
advances under the facilities are subject to certain customary
conditions precedent.
“This transaction is a strong validation of
Eve's efforts to build a leading cannabis company. This
non-dilutive financing will help complete the ongoing expansion of
our facility from 220,000 sq. ft. to 1,000,000 sq. ft., making Eve
one of the largest producers in Canada. We are thrilled to have the
Royal Bank of Canada, one of the world's pre-eminent financial
institutions, supporting our work that will assist us to grow the
Eve brand and expand our global footprint,” stated Melinda
Rombouts, CEO of Eve & Co.
The Company also announced today that the Board
of Directors has appointed Davidson & Company LLP as the
Company’s new auditor, replacing MNP LLP. The Company has filed a
Notice of Change of Auditor in respect of this change under its
profile on SEDAR at www.sedar.com.
About Eve & Co
Incorporated
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licenses under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a licenced 220,000 sq. ft. scalable greenhouse
production facility located in Middlesex County, Ontario with 32
acres of adjacent land for future expansion. Eve & Co has
commenced construction of an additional 780,000 sq. ft. proposed
expansion, bringing Eve & Co’s total anticipated greenhouse
capacity to 1,000,000 sq. ft.
The Company’s website can be visited at
www.evecannabis.ca
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.
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, those regarding the terms of the
credit facilities and the Company’s related expansion and
construction plans, 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 twelve months ended October 31, 2018 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 RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (647) 473-4947 |
|
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