Rubicon Organics Announces CAD 10,000,000 Secured Credit Facilities
Summary
Each of the Credit Facilities is for a term of five years, with an amortization period of ten years, and bears interest at a rate of 6.75% per annum. The Credit Facilities are secured by, among others, first ranking security interests in all present and after-acquired personal property of the Company.The first ranking security interests rank pari passu as between the Lenders. The Credit Facilities will be used by the Company to repay in full the USD 8,000,000 principal amount secured debenture owed by the Company to Green Island Investments Ltd. (?Green Island? ), which matures on December 31, 2024 (the ?Green Island Debenture?). Further details of the Green Island Debenture are disclosed in the Company?s news releases dated July 8, 2021 and June 16, 2022.