Toronto, ON, Canada, June 30, 2023 (GLOBE NEWSWIRE) -- SOPerior Fertilizer Corp. (the “Company” or “SOP”) (NEX:SOP.H). The Company announces that on June 29, 2023 it received a notice of default from Lind Asset Management VII, LLC, a fund managed by The Lind Partners, LLC (collectively, “Lind”) with respect to its Convertible Security Funding Agreement dated December 16, 2016, as amended (the “CSFA”). Lind’s default notice is requesting that the Company pay the principal and interest due and outstanding under the CSFA.
The Company has until July 10, 2023 to repay the balance after which time Lind has the right to take all actions and remedies provided for in the security instruments which include foreclosing on its lien of the property and assets of the Company.
The Company’s proposed JV partner has informed SOP that it is committed to remedying the default notice by July 10, 2023.
The Company has no present ability to satisfy the principal and interest due and outstanding under the CSFA, and there is no guarantee that the JV partner will be able to remedy the default notice by the deadline or at all.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors
SOPERIOR FERTILIZER CORP.
“Andrew Squires”
CEO and Director
Contact Information
Phone: (403) 850-0422
E-mail inquiries: info@SOPeriorfertilizer.com
www.SOPeriorfertilizer.com
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
