Salona Global Announces Expansion of Bank Line
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NEW YORK, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (“Salona Global”, “SGMD” or the “Company”) (TSXV: SGMD) today announced the expansion of its bank line. On September 12, 2023, an operating subsidiary of the Company, Biodex Medical Systems, Inc. (the “Borrower”), entered into a Master Credit and Security Agreement and related Schedule (the "Agreement") with Pathward, National Association (the “Lender”) to receive financing accommodations in the form of a secured revolving loan of up to US$3.0 million, of which approximately US$1.7 million is currently available. The Agreement complements an existing credit facility with the Lender through another operating subsidiary of the Company, South Dakota Partners Inc., and an additional existing facility the Lender has extended with additional operating subsidiaries of the Company, Damar Plastics Manufacturing, Inc., Mio-Guard LLC, and Simbex LLC. The Agreement has a variable interest rate of the greater of 6.00% per annum or 0.75% in excess of the rate shown in the Wall Street Journal as the prime rate, is payable on demand and is secured by all personal property of the Company and the Borrower, and the following subsidiaries of the Company, namely, Inspira Financial Company, Mio-Tech Parent, LLC, Simbex Parent Acquisition I Corporation, Simbex Acquisition I Corporation and DaMar Acquisition Company (collectively, the "Guarantors”). In connection with the execution of the Agreement, the Guarantors entered into a guaranty of the obligations of the Borrower.
For more information please contact:
Mike SecklerChief Executive OfficerTel: 1 (800) 760-6826Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Source: Salona Global Medical Device Corporation
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