Dundee Provides AgriMarine Facility
AgriMarine Holdings entered into an agreement for a draw down credit facility from Dundee Agricultural in the amount of up to $5 million. Funds will be used for the expansion of operations at the company’s fish production facilities in Canada and China and for general working capital.
Funds drawn will bear interest at a rate of 12.68% per annum calculated pro rata as to the date of such advance. The facility will mature one year from the date of issue and is secured by all of the assets of the company and its subsidiaries.
No finder’s fees were paid in connection with the facility. Concurrently, AgriMarine has applied and been approved for a draw of $1.03 million under the facility. Approval of any subsequent draw requests will be made at the Lender’s discretion.
Canadian-based AgriMarine is a producer of sustainable fin fish.