Mr. Mario Paradis reports
NEPTUNE ANNOUNCES TERM LOAN FINANCING
Neptune Technologies & Bioressources Inc. has signed a term loan of approximately $4-million (2.10 million British Pounds Sterling) with Bank and Clients PLC based in the United Kingdom. Under certain conditions, the loan could be increased up to $10-million (5.25 million British Pounds Sterling). All amounts are in Canadian dollars unless otherwise stated.
The four-year second rank secured term loan bears interest at a rate of 12 per cent per annum and includes a 15-month moratorium on principal repayment, following which, the loan will be payable on a monthly basis over a 33-month period. Proceeds from the loan will be used for working capital requirements such as receivables and inventory, and to support further growth.
"We are pleased with the confidence shown by a commercial bank such as Bank and Clients PLC, which has facilitated the funding to support our strategic plan for the foreseeable future," indicated Mario Paradis, chief financial officer. "This term loan and our expected return to positive adjusted EBITDA in fiscal 2017 (starting on March 1, 2016) represent continued progress in our strategy to create value for shareholders."
We seek Safe Harbor.
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