EuroLife Brands has entered into a definitive financing agreement with European Equity Group, an international merchant bank with a primary focus on growth oriented small-cap companies, to secure a credit facility of up to C$2.5 million ($1.9 million).
The facility provides EuroLife with the capital and flexibility required to continue its expansion across Europe and carry out its corporate objectives for 2020 and 2021. EuroLife intends to use the facility to continually fund expansion across Europe and for general working capital purposes.
“The credit facility with European Equity Group ensures EuroLife has access to sufficient and timely capital to execute on our corporate strategy and maximize shareholder value for the foreseeable future,” said Shawn Moniz, CEO of EuroLife.
“We have secured favorable credit terms with the European Equity Group as we focus on our goal of becoming a vertically integrated cannabis company operating in the hemp, CBD and health & wellness sectors.”
The agreement allows EuroLife to request up to C$100,000 (($745,000) per month from European Equity Group in exchange for the issuance of units of the company. Each unit will consist of common shares of the company and common share purchase warrants.
