RE:RE:sorry...but the financials are a messRoboticSlave wrote:
they already paid off all their debt prior to this $20 million, they at least have 40 odd million in the bank still
You are correct...
From the Dec 1, 2020 news release • November 2, 2020: completed the sale of Emerald’s 41.3% interest in Pure Sunfarms, for $60.0M in cash paid upon closing and a secured promissory note in the amount of $19.9M maturing in six months and bearing interest at a rate of 12% per year. Approximately $1.0M of existing debt was also forgiven.
• November 24, 2020:
repaid $25.0M convertible debenture originally due to mature on September 9, 2021 and paid $0.6M in accrued interest and a consent fee.
From the Jan 13, 2021 news release -– Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) today announced that it has settled all outstanding amounts owing to the original vendors (the "Vendors") in connection with Emerald’s 2018 acquisition of Verdlite Sciences, Inc. (“Verdlite Sciences”) and Verdlite Property Holdings, Inc. (“Verdlite Property” and, together with Verdlite Sciences, the “Subsidiaries”).
The Subsidiaries were purchased by Emerald from the Vendors in 2018 and a portion of the purchase price payable to the Vendors was due to be paid on the first anniversary of closing of the transaction. Emerald renegotiated the terms of the payment of the outstanding amounts owing to the Vendors in 2019.
Emerald is pleased to announce that it has paid to the Vendors an aggregate amount of $9,000,000, fully settling all remaining amounts owing to the Vendors (including accrued interest). Emerald no longer has any liability to the Vendors with respect to the purchase of the Subsidiaries. The Subsidiaries together own and operate a premium 88,000 square foot craft cannabis production indoor facility in St. Eustache, Qubec. Further to Emerald's news release dated December 4, 2020, Emerald intends to continue to operate this facility and produce quality product for sale under its Souvenir brand in Qubec.
“We are pleased to have eliminated our obligation related to this deferred payment amount on favourable terms. The completion of this payment renders Emerald free of all significant thirdparty debt on its balance sheet. It also eliminates $1.5M in annual interest charges, therefore preserving cash and minimizing the expense impact on our bottom line,” said Riaz Bandali, President and CEO of Emerald.
$80M -25MM-9MM = 46MM Ballpark figure.
Nice piggy bank fund moving forward.