STRATHROY, Ontario, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce that it has converted its existing short term $18,700,000 construction facility (the “Construction Facility”) with a Canadian Schedule I Bank to a five year term facility (the “Term Facility”). The interest rate of the facility as previously announced by the Company in March 2019 remains unchanged.
The proceeds of the Construction Facility were used to fund the completion of a 780,000 square foot expansion of Eve & Co’s greenhouse production facility in Strathroy, Ontario. Construction on the expansion was completed in August 2019 and the Company announced Health Canada’s approval of the expansions as a grow area on December 16, 2019.
The Term Facility is provided to Eve & Co’s wholly-owned subsidiary Natural MedCo Ltd. (“NMC”), is guaranteed by Eve & Co and is primarily secured by a collateral mortgage on NMC’s property located in Strathroy, Ontario. The Term Facility is subject to certain customary financial and other covenants for a financing of this type.