05:28:09 EDT Fri 10 Jul 2020
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or Name

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TeraGo Inc
Symbol TGO
Shares Issued 16,662,900
Close 2020-06-30 C$ 5.95
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TeraGo's credit facilities set at $35M, extended a year

2020-06-30 17:36 ET - News Release

Mr. Tony Ciciretto reports


An amended and restated credit agreement has been entered into between TeraGo Networks Inc., TeraGo Inc., as guarantor, and each of Royal Bank of Canada (as new administrative agent and lead lender) and Toronto-Dominion Bank. National Bank of Canada has ceased to be administrative agent and a lender to TeraGo, and has assigned its rights and obligations to RBC, in its capacity as administrative agent under the credit agreement.

The parties to the credit agreement agreed, among other things, to extend the maturity date from June 14, 2021, to June 30, 2022. The new facilities under the credit agreement total $35.0-million, comprising a $30.0-million non-revolving term facility and a $5.0-million revolving operating credit facility.

The covenants and other terms and conditions under the credit agreement were substantially carried over from the existing credit agreement.

"We are pleased to further strengthen our borrowing relationship with RBC and TD," said Tony Ciciretto, president and chief executive officer of TeraGo. "The extension and amendment of our credit agreement gives us the financial support and flexibility we need to execute on our near- to midterm business plans."

About TeraGo Inc.

TeraGo owns a national spectrum portfolio of exclusive 24-gigahertz and 38 GHz wide-area spectrum licences, including 2,120 megahertz of spectrum across Canada's six largest cities.

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