TORONTO, Sept. 10, 2021 /CNW/ - GreenSpace Brands Inc.
("GreenSpace" or the "Company") (TSXV: JTR), a leader within the
organic and plant-based food industry, announces that it has
reached a tentative agreement with MW1 LLC ("MW1") to renew its
current debt facilities with the Company.
Both the Company and MW1 have tentatively agreed to renew the
VTB Note for an additional year, subject to certain conditions
being met by September 30,
2021. The tentative agreement also outlines certain
prepayment windows and milestones that may allow the Company to
reduce the size of its outstanding VTB Note with MW1, subject to
certain conditions being met and provided any prepayment is made in
accordance with the subordination agreement between MW1 and Pivot
Financial Inc.
As part of the renewal, both parties have agreed that the
Company will issue 5,555,550 shares in payment of extension fees to
MW1, subject to certain conditions being met. This extension
fee was previously communicated in the September 22, 2020 press release related to the
VTB Amending Agreement and the terms of the VTB Note. The
issuance these shares carries a hold period of four months and one
day from the issuance date.
ABOUT GREENSPACE BRANDS INC.:
GreenSpace is a North
American organic and plant-based food business that develops,
markets and sells premium food products to consumers within the
fast-growing natural and organic food categories. GreenSpace owns
LOVE CHILD ORGANICS, a producer of 100% organic food for infants
and toddlers made with natural and nutritionally-rich ingredients,
CENTRAL ROAST, a clean snacking brand featuring a wide assortment
of organic nut and seed mixes and GO VEGGIE, one of the pioneers
and leaders in the US plant-based dairy market. All brands
are wholly-owned and are sold in a variety of online, natural and
retail grocery locations.
For more information, visit www.greenspacebrands.ca and
GreenSpace's filings are also available at
www.SEDAR.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain information
that may constitute "forward-looking information" under applicable
Canadian securities legislation. Forward-looking information is
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, certain of which are beyond the control of
GreenSpace, including, but not limited to, the failure of third
parties to comply with their obligations to the Company or its
affiliates; the impact of new and changes to, or application of,
current laws and regulations; critical accounting estimates and
changes to accounting standards, policies, and methods used by the
Company; the occurrence of natural and unnatural catastrophic
events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, nonessential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing; and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information, including the risks
identified in the Company's disclosure documents. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE GreenSpace Brands Inc.