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Canada: LXRandCo enters into an Agreement for a $25,000,000 Credit Facility

Canada: LXRandCo enters into an Agreement for a $25,000,000 Credit Facility

Junio 19, 2017

Autor/Fuente: Newswire.ca 👤Periodista: María Alejandra Lopez 🕔19.Jun 2017

 

LXRandCo, Inc. (TSX: LXR, LXR.WT) (“LXR” or the “Corporation“) today announced that it has entered into a credit agreement  with the Canadian Imperial Bank of Commerce (“CIBC“) to support the Corporation’s growth.  The new credit facility is a revolving credit facility for an authorized amount of up to $25,000,000, subject to a maximum draw and based on a borrowing base calculated as a percentage of eligible accounts receivable and inventory. The new credit facility replaces the Corporation’s previously held credit facility which was paid out in its entirety on June 9, 2017, concurrent with the closing of the Corporation’s qualifying acquisition.

“The team at CIBC has understood the LXR opportunity since our very first meeting,” said Fred Mannella, founder and CEO of LXR.  “This new facility will be an important financing tool for our growth, and we’re excited to be working with such a supportive lender.  We look forward to building this great relationship further in the years ahead.”

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