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Sunniva Inc
Symbol SNN
Shares Issued 38,994,876
Close 2019-12-02 C$ 0.405
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Sunniva lender Matrix seeks lien over Okanagan Falls

2019-12-03 11:07 ET - Street Wire

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by Mike Caswell

Sunniva Inc.'s repeatedly delayed deal to sell its Okanagan Falls operation has drawn a lawsuit in the Supreme Court of British Columbia from Matrix Venture Capital Management Inc., one of the company's lenders. The suit seeks an effective lien over Okanagan Falls, citing failures on the part of Sunniva. Among other things, Sunniva borrowed money without setting out the true state of the Okanagan Falls deal, the suit claims.

The allegations are contained in a brief notice of claim filed at the Vancouver courthouse on Nov. 26, 2019. The suit arises from two recent loans that Matrix made to Sunniva, with the total amount being $7-million (U.S.). According to the suit, the loans were contingent on Sunniva's $20-million deal to sell Okanagan Falls.

The problem, at least as Matrix sees things, is that the deal for Okanagan Falls fell through. The termination of that deal occurred prior to the first of the loans, which was dated Aug. 28, 2019, the suit states. Despite knowing that the deal was off, Sunniva allegedly borrowed the money while failing to tell Matrix about the termination. Matrix says that had it known the true state of the sale, it would not have provided the loan without using Okanagan Falls as security.

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