Mr. Mike Seckler reports
SALONA GLOBAL ANNOUNCES EXPANSION OF BANK LINE
Salona Global Medical Device Corp. has expanded its bank line. On Sept. 12, 2023, an operating subsidiary of the company, Biodex Medical Systems Inc. (the borrower), entered into a master credit and security agreement and related schedule with Pathward National Association to receive financing accommodations in the form of a secured revolving loan of up to $3.0-million (U.S.), of which approximately $1.7-million (U.S.) is currently available. The agreement complements an existing credit facility with the lender through another operating subsidiary of the company, South Dakota Partners Inc., and an additional existing facility the lender has extended with additional operating subsidiaries of the company, Damar Plastics Manufacturing Inc., Mio-Guard LLC and Simbex LLC. The agreement has a variable interest rate of the greater of 6.00 per cent per annum or 0.75 per cent in excess of the rate shown in the Wall Street Journal as the prime rate, is payable on demand, and is secured by all personal property of the company and the borrower, and the following subsidiaries of the company, namely Inspira Financial Company, Mio-Tech Parent LLC, Simbex Parent Acquisition I Corp., Simbex Acquisition I Corp. and DaMar Acquisition Company (collectively, the guarantors). In connection with the execution of the agreement, the guarantors entered into a guaranty of the obligations of the borrower.
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