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| Home : Russell Intends to Refinance Existing Debt |
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Jul 06
2015 |
Russell Intends to Refinance Existing Debt |
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VANCOUVER, BC--(Marketwired - July 04, 2015) - Russell Breweries Inc. (TSX VENTURE: RB) (the "Company") is pleased to announce that the Company and its wholly-owned subsidiary, Fort Garry Brewing Company Ltd. ("Fort Garry"), have each entered into a loan agreement with the Business Development Bank of Canada ("BDC") whereby BDC has agreed to advance to the Company and Fort Garry $788,000 and $250,000 respectively (together, the "Loans"). The advance of funds under the Loans is conditional upon each of the Company and Fort Garry fulfilling certain conditions set out in the loan agreements, including each granting a general security interest over their respective assets. The Company intends to use the proceeds of its Loan to refinance its two existing loans in the aggregate principal amount of $731,000 (at annual interest rates of 10% and 9%). Fort Garry intends to use the proceeds of its Loan for the purchase of production equipment and to expand the Fort Garry operations which the Company anticipates may increase production by 20%. The interest on both Loans will be 6.15% per annum with a maturity date on the Company's Loan being April 15, 2023 and a maturity date on Fort Garry's Loan being April 15, 2025. The Loans are subject to approval of the TSX Venture Exchange. |
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| Source:http://www.marketwired.com/mw/release.do?id=2035495&sourceType=3 |
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