British Columbia-based cannabis license holder Rubicon Organics borrowed 10 million Canadian dollars (roughly $7.1 million) in secured credit facilities to pay debt.
The credit facilities will be used to “repay in full” the $8 million in principal owed to Green Island Investments for a secured debenture that matures Dec. 31, according to a Monday news release.
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“Our new Credit Facilities enhance our liquidity and provide us with the flexibility to invest in key projects that will drive long-term value for our shareholders,” Janis Risbin, chief financial officer of Rubicon Organics, said in a statement.
The credit facilities have a term of five years and an interest rate of 6.75%; the amended secured debenture with Green Island Investments carried an interest rate of
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