In January 2022, the Company and National Bank of Canada’s Technology and Innovation Banking
Group executed a Consent Agreement to amend the existing February 2021 Credit Agreement. The
credit facilities are available until June 30, 2022, with a total value of up to $59.3 million ($59.3 million as at December 31, 2021).
The credit facilities are secured by a first ranking hypothec of $75.0 million on all movable property of the Company. Following the repayment of the debt-related guarantees, the financial account put in place by National Bank of Canada as a first ranking hypothec was extinguished ($11.4 million as at December 31, 2021).
As at March 31, 2022, an amount of $5.0 million was outstanding under the Operating and Acquisition Credit Facility ($5.0 million as at December 31, 2021) and an amount of $7.5 million was outstanding under the Letters of Guarantee Credit Facility ($6.9 million as at December 31, 2021). In addition, only the Credit Card Facility was used at the end of the first quarter.
As at March 31, 2022 Standby Fees of 0.70% are applicable on the unused portion of the Operating and Acquisition Credit Facility and the Pre-Shipment Credit Facility.
In February 2022, the Company renewed its Account Performance Security Guarantee (“Account PSG”) Facility with Export Development Canada (EDC) until December 31, 2022, for an amount not to exceed $16.5 million ($10.0 million as at December 31, 2021). As at March 31, 2022 an amount of $6.7 million was outstanding under this facility ($5.8 million as at December 31, 2021).
As at March 31, 2022, all applicable financial covenants and conditions were respected by the
Company.
Financing activities for the three-month period ended March 31, 2022 resulted in a cash outflow of
$4.4 million. The cash outflow is mainly explained by the payment of debt liabilities and earn-out
payments.