Mr. Steve Saviuk reports
VALEO PHARMA ENTERS INTO $5 MILLION CREDIT FACILITY AGREEMENT WITH ACCORD FINANCIAL INC.
Valeo Pharma Inc. has entered into a credit facility agreement with Accord Financial Inc.
The $5-million credit facility is secured by a first-rank lien on the corporation's short-term assets, and bears interest at the Scotiabank's prime rate plus an applicable margin. Borrowings under the credit facility are expected to be used for working capital and other general corporate purposes.
"Securing this new credit facility provides us with additional financial liquidity and increased flexibility to support our long-term growth strategy," said Luc Mainville, chief financial officer. "Accessing non-dilutive capital to augment our existing cash reserve is an important milestone as we accelerate our path towards profitability."
About Valeo Pharma Inc.
Valeo Pharma is a fast-growing Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on respiratory/allergy, ophthalmology and hospital specialty products. Headquartered in Kirkland, Que., Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization.
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