ORIGINAL: MJardin Group, Inc. issues statement regarding Bridging Finance Inc.
2021-05-03 08:00 ET - News Release
DENVER and TORONTO, May 03, 2021 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, announced today that it is aware that on April 30, 2021, the Ontario Superior Court of Justice appointed PricewaterhouseCoopers Inc. as receiver and manager over the affairs of Bridging Finance Inc. (“Bridging Finance”), and investment vehicles managed and controlled by Bridging Finance, as a result of an application brought by the Ontario Securities Commission. Bridging Finance is a significant secured lender to the Company, with approximately $155.8 million outstanding in indebtedness due in May 2022. The Company has previously sought and received waivers from Bridging Finance with respect to the repayment of the indebtedness and interest thereon as disclosed in its financial statements. The Company has been in contact with the receiver and will continue to monitor the situation with Bridging Finance as it develops.
About MJardin Group
MJardin Groups’ mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin Group owns multiple operations in Canada, supplying the market with premium products. We are committed to our Canadian First Nation joint ventures and all our strategic partnerships across the cannabis supply chain. MJardin Group is publicly listed on the CSE (MJAR) and headquartered in Toronto, Ontario and Denver, Colorado.