In This Article:
SHERWOOD PARK, AB, July 8, 2024 /CNW/ - (TSXV: VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") is pleased to announce that is has entered into an agreement with a syndicate of Canadian financial institutions which amends and extends its credit facilities (the "Credit Facilities")
The principal amendments to the $76.0 million Credit Facilities included the following items:
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an extension of the maturity date from May 31, 2025 to the earlier of: (a) May 31, 2027 or (b) six months prior to the maturity of the Company's convertible debenture on March 7, 2027; and
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the syndicated term loan was increased by $5.0 million and the accordion facility was reduced by $5.0 million.
The Company's banking syndicate is now led by RBC Bank Canada who serves as the sole Administrative Agent. The syndicate also includes ATB Financial, Canadian Western Bank and National Bank of Canada.
ABOUT VERTEX
Since 1962, Vertex has been a leading North American provider of environmental services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 1,000 employees and lease operators that provide services to help clients achieve their developmental and operational goals. From initial site selection, consultation and regulatory approval, through construction, operation and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in industries such as energy, mining, utilities, private development, public infrastructure, construction, telecommunications, forestry, agriculture and government.
Vertex principally operates in Canada with select locations in the United States.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This Press Release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this Press Release are based on the expectations, estimates and projections of management of Vertex as of the date of this Press Release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "outlook", "potential", "estimated", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this Press Release contains forward-looking statements concerning anticipated financial performance; the outlook for 2024; the Company's ability to grow profitably; sufficiency of working capital; and with respect to Vertex's ability to meet evolving customer demands.