TORONTO, Dec. 5, 2019 /CNW/ - Trichome Financial Corp. (the "Company" or "Trichome Financial") (TSXV: TFC) is pleased to announce that its Senior Secured Term Loan (the "Secured Loan") to MYM Nutraceuticals Inc. ("MYM") (CSE:MYM) (OTCBB:MYMMF) has been prepaid. The cash advance made under the Secured Loan has been repaid in full, together with interest and set-up fee for the term during which the loan remained outstanding. The Secured Loan was initially advanced on July 31, 2019, with an option to increase the size of the facility to $5.5 million. Proceeds from the Secured Loan were used in part to fund MYM's transaction with BioHemp Naturals Growing and Farming Ltd., the rescission of which led to a mutual decision whereby MYM would repay outstanding obligations of the Secured Loan ahead of schedule. The Secured Loan generated an internal rate of return of approximately 30%.
"While we are pleased to have been repaid on our loan, we remain supportive of MYM as they pursue strategic options that may arise," said Michael Ruscetta, Trichome Financial's Chief Executive Officer.
About Trichome Financial Corp.
Trichome Financial is a specialty finance company focused on providing flexible and creative credit solutions to the global legal cannabis market. Trichome was created to address the lack of credit availability in the large, growing and increasingly complex cannabis market. Founded by industry leaders Origin House and Stoic Advisory, Trichome Financial's experienced management team has a unique edge to capitalize on proprietary deal flow and industry insight while developing a first mover advantage as a global cannabis focused specialty finance company. Trichome Financial provides customized financing solutions across the industry value chain to support growth, capital expenditures, mergers, acquisitions, working capital and other needs. Leveraging the combined resources and knowledge of its founders, it is able to offer significant value-added financial, product, market and operational support to its partner companies. Trichome Financial's current assets are all based in Canada and it has no operations or assets in the United States.
For further information about Trichome Financial please visit us at www.trichomefinancial.com or @trichomefinance on Twitter and refer to the joint information circular of Trichome Financial and 22 Capital dated May 29, 2019 which is available on the Company's SEDAR profile at www.sedar.com.
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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: Trichome Financial's ability to redeploy funds. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Trichome Financial assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
SOURCE Trichome Financial Corp.