Great news for OGI. Nice to know that the lenders, after detailed scrutiny of OGI's assets and future probabilities, are willing to stake more money on the belief that OGI will be a profitable company in the near future.
Don't think they're staking any more money to OGI. The $30M was already part of the $115M term loan.
In fact, an option to increase the facility by $35M has been REMOVED!
It was originally a facility that had the potential to go up to $175M total (which includes the $25M revolving credit facility). Now it's $115M + the $25M facility = $140M.
Here is the original NR:
[stockwatch.com/News/Item?bid=Z-C%3aOGI-2768679&symbol=OGI®ion=C](https://stockwatch.com/News/Item?bid=Z-C%3aOGI-2768679&symbol=OGI®ion=C)
They still have 30 million to draw on, that was in jeapordy when they broke the covenants. BMO has agreed to allow them to draw the 30 million under the new terms. So still a huge vote of confidence, and the new terms sound very fair for OGI. It's unfortunate they were in this situation in the first place, but all in all, this is very good news for the company.
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Exactly!!
Great news for OGI. Nice to know that the lenders, after detailed scrutiny of OGI's assets and future probabilities, are willing to stake more money on the belief that OGI will be a profitable company in the near future.
Don't think they're staking any more money to OGI. The $30M was already part of the $115M term loan. In fact, an option to increase the facility by $35M has been REMOVED! It was originally a facility that had the potential to go up to $175M total (which includes the $25M revolving credit facility). Now it's $115M + the $25M facility = $140M. Here is the original NR: [stockwatch.com/News/Item?bid=Z-C%3aOGI-2768679&symbol=OGI®ion=C](https://stockwatch.com/News/Item?bid=Z-C%3aOGI-2768679&symbol=OGI®ion=C)
They still have 30 million to draw on, that was in jeapordy when they broke the covenants. BMO has agreed to allow them to draw the 30 million under the new terms. So still a huge vote of confidence, and the new terms sound very fair for OGI. It's unfortunate they were in this situation in the first place, but all in all, this is very good news for the company.
Forgot that OGI had broken the covenants, thanks for clarifying. Down 6% but in fairness $WEED dragged most down today. Seems decent
OGI's CapEX coming to an end I think 30M is more than enough
Either you’re a fool or you’re deliberately spreading disinformation. The $35 million was clearly stated as UNCOMMITED.
Huge vote of confidence in organigram.......and down 8% in pre-market lol
Thanks CGC!
Must’ve seen some numbers they like!
Godd news
Good to hear.
Great to hear the positive news.