Neptune Wellness Nutraceutical Brand, Biodroga, Announces Accounts Receivable Factoring Facility of Up to $8 Million [Yahoo! Finance]
Neptune Wellness Solutions Inc. - Ordinary Shares (NEPT)
US:NASDAQ Investor Relations:
newswire.ca/news-releases/neptune-technologies--bioressources-retains-roi-group-to-serve-as-investor-relations-counsel-533975331.html
Company Research
Source: Yahoo! Finance
company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced that its nutraceuticals brand subsidiary, Biodroga Nutraceuticals Inc. (" Biodroga "), has entered into an accounts receivable factoring facility and inventory finance rider (collectively, the " Facility ") with Alterna Capital Solutions, LLC (" Alterna "). The amount available under the Facility at any given time is $3 million, which may be increased in $1 million increments up to a maximum of $8 million The terms of the Facility include a Funds Usage Fee of prime plus 1% with a minimum interest rate of 9.5% per annum. Alterna was granted a security interest in Biodroga's accounts receivable and inventory. The agreement will remain in effect for a 12-month period, effective November 8, 2023, and will be automatically renewed. Neptune provided a commercial guaranty in connection with the Facility. About Biodroga Nutraceuticals Inc. Biodroga provides product development and turnkey so
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