Humble & Fume Inc. Announces Closing of $2,000,000 Revolving Credit Facility
Summary
TORONTO, Sept. 9, 2022 /PRNewswire/ - Humble & Fume Inc. HMBL HUMBF (Humble or the Company),a leading North American distributor of cannabis and cannabis accessories, is pleased to announce it has entered into a new revolving credit facility pursuant to the terms of a loan agreement that provides for a $2,000,000 secured revolving credit facility (the Credit Facility).We are pleased to complete this credit facility, which illustrates our ability to access alternative forms of financing and provides us with further financial flexibility to scale our business, said Joel Toguri, Humbles CEO. We currently maintain strong liquidity with no debt on the balance sheet, combined with this new Credit Facility of $2 million, we are in a strong position to execute on our strategic plan.In connection with the Credit Facility, Humble also issued 750,000 warrants, with each warrant exercisable to purchase Humble common share at a price of $0.25 per share for a period of three years.Pursuant to the loan agreement, the Credit Facility is secured against the assets of the Company. The Credit Facility is expected to be used by the Company to fund working capital requirements in the ordinary course. The credit agreement will be filed under the Companys issuer profile on SEDAR at www.sedar.com.Humble & Fume, Inc.is a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and strong fulfillment infrastructure. With over 20 years of North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing premium cannabis consumables and consumption devices.