In This Article:
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2024) - The Good Flour Corp. (CSE: GFCO) (OTC Pink: GFCOF) (FSE: 3KZ) ("GFCO" or the "Company") announces that it has entered into a loan agreement dated March 8, 2024 (the "Loan Agreement") with an arm's-length lender (the "Lender") pursuant to which the Company may borrow up to $250,000 in requested drawdowns, from time to time (each advance, a "Loan"). The Loans advanced will bear interest at a rate of 10% per annum and are unsecured, and have a maturity date of six months from the date of the Loan Agreement.
The facility is non-revolving. The Company intends to use any funds advanced as Loans for general corporate and working capital purposes. In connection with making the loan facility available, the Company has agreed to issue up to an aggregate of 1,785,700 share purchase warrants (each, a "Bonus Warrant") to the Lender on the date of the first advance under the Loan Agreement, with such Bonus Warrants vesting on a pro rata basis upon advance of each Loan pursuant to the Loan Agreement. Each Bonus Warrant will be exercisable into one (1) class "A" common share (each, a "Bonus Warrant Share") at a price of $0.14 per Bonus Warrant Share for a period of five years from the date of issuance.
About The Good Flour Corp.
For additional information on The Good Flour Corp. please refer to www.goodflour.co.
Company Contact
investors@goodflour.co
604-423-4400
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to GFCO that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, the terms of the Loan and the use of proceeds from the Loan.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, the timely receipt of regulatory approvals and the Company's working capital expectations will be met. While GFCO considers these assumptions to be reasonable, they may be incorrect.