This group of fools can barely wipe their own a$$es why are they running thi company. Nothing says inept like paying 15% interest to get a bailout..
DionyMed Brands Inc. (“DionyMed” or the “Company”) (CSE:DYME; OTCQB:DYMEF), a multi-state cannabis brands, Direct-to-Consumer and distribution platform, today announced additional investment from its senior secured investor of US$3.2MM and a reorganization of the business to right size the Company. This increases the credit facility with the senior lender to US$19.2 MM. The credit facility bears interest at LIBOR (at a floor of 2.5%) plus 12% plus an anniversary fee of 2.5%, maturing February 6, 2021. While the credit facility is currently in default, the senior lender has agreed to make additional advances to the Company.
In addition, the Company announces a reduction in operating expenses through a targeted reduction of headcount from 299 to 199 allowing the Company to amplify its focus on growing its Direct-to-Consumer cannabis delivery service Chill. These improvements, in conjunction with a revamped marketing strategy and focus on higher-margin products, began in Q3 and will continue through 2019.
The Company is also pleased to announce that its shares have resumed trading on the CSE under the symbol “DYME”, and on the OTCQB under the symbol “DYMEF”. The Company requested a halt in trading when there was a strong possibility it would announce a transaction in the ensuing days; however, multiple other potential transactions of various types have surfaced, all of which require more time for evaluation. The Company is not able to say with certainty whether any of these transactions will be considered, or if considered, entered into, and will provide an update in due course. Any transaction may be subject to definitive documentation, corporate approvals and other regulatory and third-party approvals.
“With respect to these changes,'' said DionyMed CEO Ed Fields, “we’re looking forward to improving market efficiencies and getting the business to breakeven at an accelerated pace. We’re excited about finalizing a deal with the right strategic partner and injecting the capital necessary to drive DionyMed forward as a leader in the cannabis industry.”
The Company is also announcing that Gotham Green has issued a request for repayment of its outstanding balance of US$2.2 MM representing the credit advance made on July 30, 2019 plus accrued and unpaid interest.
Read more at https://stockhouse.com/news/press-releases/2019/09/19/dionymed-brands-provides-financing-update-announces-reorganization-and#Ua5Zj71wxg0Q9APr.99