REGINA, June 22, 2016 /CNW/ - Input Capital Corp. ("Input") (TSX Venture: INP) (US: INPCF), the world's first agriculture streaming company, is pleased to announce that it has secured a $25 million revolving credit facility with HSBC Bank Canada (the "Credit Agreement"). This revolving credit facility bolsters Input's ability to provide working capital solutions to western Canadian canola farmers and is available to fund upfront payments to farmers as well as Input's own working capital requirements, if necessary.
"Input Capital has grown rapidly over the past four years by creating a new way for farmers to fund their working capital needs, which are not met by traditional funding sources," said President & CEO Doug Emsley. "This new revolving credit facility will enable us to help even more farmers address their ongoing working capital requirements and take advantage of opportunities on their farms by efficiently expanding the amount of capital available to Input for deployment into streaming contracts.
"Input has always maintained a conservative approach to funding its balance sheet, and we plan to continue that way. But having access to a $25 million revolving credit facility will help bridge any short-term needs for capital in an efficient and cost effective manner."
The terms of the Credit Agreement are consistent with market standards for the industry and include customary security agreements, conditions, covenants and representations and warranties. A copy of the Credit Agreement will be filed on SEDAR (www.sedar.com) and describes additional terms and conditions of the agreement.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Input is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. Input enters into multi-year canola streaming contracts with canola farmers in western Canada. Pursuant to the streaming contract, Input purchases a fixed portion of the canola produced, at a fixed price, for the duration of the term of the contract. Input is a non-operating farming company with a diversified portfolio of canola streams, all of which produce canola and revenue for Input within a year of being signed. Input plans to grow and diversify its low cost canola production profile through entering into additional canola streaming contracts with farmers across western Canada. Input is focused on farmers with quality production profiles, excellent upside yield potential, and strong management teams.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its business. Such statements are based on the current expectations and views of future events of Input's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Input, including risks regarding the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of Input. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Input undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Input Capital Corp.