MJardin, Harvest reach settlement for Cheyenne sale
2021-04-29 20:38 ET - News Release
Also News Release (C-HARV) Harvest Health & Recreation Inc
Mr. Pat Witcher reports
MJARDIN GROUP ANNOUNCES FINAL SETTLEMENT OF REMAINING CHEYENNE SALE PROCEEDS FROM HARVEST; ANDA PROVIDES UPDATE ON TIMING OF RELEASE OF 2020 FINANCIALS
MJardin Group Inc. has reached an agreement with Harvest Health & Recreation Inc. for final settlement and reduction of the previously disclosed final payment relating to the December, 2019, sale of MJardin's Cheyenne facility to Harvest for the amount of $4.25-million (U.S.).
In accordance with the requirements of the company's existing credit facility, the company shall cause certain of its subsidiaries to use the Canadian-dollar equivalent of this final $4.25-million (U.S.) payment to repay a portion of the accrued interest owing from such subsidiaries to the company's senior lender. In connection with this debt repayment, the senior lender has agreed to the establishment of a new revolving credit facility in favour of such subsidiaries of the company in an aggregate maximum principal amount of $5,326,525. This facility is established as a subfacility under the existing credit facility between the senior lender and such subsidiaries of the company and will bear interest at a rate of 15 per cent per annum, compounded monthly, with a one-time work fee of 2 per cent of the maximum amount paid to the senior lender.
The company also announced today that it will report its financial results for the fourth quarter and full year ended Dec. 31, 2020, before market open on April 30, 2021.
About MJardin Group Inc.
MJardin Group's mission is to set the standard for successful ownership of assets in the cannabis industry. The company's 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. The company is committed to its Canadian first nation joint ventures and all its strategic partnerships across the cannabis supply chain. MJardin Group is publicly listed on the Canadian Securities Exchange and is headquartered in Toronto, Ont., and Denver, Colo.