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Heritage Cannabis amends, increase senior secured loan with BJK
Chicago, Sept. 29 – Heritage Cannabis Holdings Corp. amended for the second time its loan agreement with BJK Holdings Ltd., according to a press release.
The maturity date has been extended to Nov. 30, 2024.
The loan has been increased with an additional loan facility of C$4,985,000 to a total amount of C$19,775,000.
A one-time loan amendment fee of C$985,000 was paid to BJK on Sept. 29.
Interest will be based on the Royal Bank of Canada prime rate minus 175 basis points, with the exception of the third facility which will be 15%.
The interest rate will be increased incrementally to a maximum of Prime plus 1,000 bps, but capped at 18%.
BJK also received warrants to subscribe for up to 50 million common shares of Heritage at an exercise price of C$0.10 per share. BJK already had warrants to purchase up to 10 million common shares at C$0.25 per share, but the exercise date has been extended to Feb. 28, 2025 from Oct. 8, 2023.
Proceeds from the loan will be used for general corporate purposes.
Heritage is a Toronto-based cannabis company.
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