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Satire Capital Ltd
Symbol SLT
Shares Issued 5,284,237
Close 2024-10-28 U$ 11.78
Market Cap U$ 62,248,312
Recent Sedar Documents

Satire Capital arranges $12M (U.S.) credit facility

2024-11-20 19:48 ET - News Release

Mr. Andrew Clark reports

SALTIRE CAPITAL LTD. ANNOUNCES CLOSING OF CREDIT FACILITY

Saltire Capital Ltd. (formerly FG Acquisition Corp.) has entered into a credit agreement with National Bank of Canada (NBC), pursuant to which NBC has agreed to provide Saltire with a revolving credit facility in the amounts and on the terms and conditions outlined below. The credit facility provides Saltire with borrowing capacity of up to $12-million (U.S.) (with an additional $3-million (U.S.) accordion feature), which will provide Saltire with further flexibility as it continues to pursue its growth strategy. In particular, the credit facility is expected to support Saltire's ability to capitalize on acquisition opportunities as they arise, and also for general corporate and working capital purposes, while maintaining a prudent approach to leverage.

Selected highlights regarding the credit facility include:

  • National Bank will provide Saltire with up to $12-million (U.S.) of credit (the credit limit);
  • Provided no default has occurred and is continuing under the credit agreement, Saltire may request an increase to the credit limit in an amount up to $3-million (U.S.);
  • The credit facility is available on a revolving basis and may be drawn in Canadian dollars and/or United States dollars;
  • The credit facility will mature on the third anniversary of the credit agreement.

The company's obligations under the credit agreement are secured by a guarantee provided by its wholly owned subsidiary, Strong/MDI Screen Systems Inc. (MDI), and first-ranking liens against Saltire's and MDI's present and future property.

"We are pleased to partner with National Bank of Canada as our lender, and we look forward to continuing to cultivate this relationship as we execute on our strategy. I am confident that this transaction will enhance our success as we continue to grow our business," said Andrew Clark, chief executive officer of Saltire.

A copy of the credit agreement will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval Plus (SEDAR+) and will be available for viewing on Saltire's SEDAR+ profile.

About Saltire Capital Ltd.

Saltire is a long-term capital partner that allocates capital to equity, debt, and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that the manager believes are undervalued businesses with the potential to significantly improve fundamental value over the long term. These businesses will generally have high barriers to entry, predictable revenue streams, and cash flows and defensive characteristics. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity.

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