BZAM has secured a loan today from the Chairman and largest shareholder of the company of up to $3 million in aggregate, funded by way of one or more secured promissory notes (the "Loan"). The Loan will bear interest at a rate of prime plus 8% per annum and mature no earlier than April 1, 2025. The Loan is intended to be used for general corporate expenses and working capital purposes, with the initial tranche of $1.19 million being funded today.
Matt Milich, the Chief Executive Officer of the company, stated: "We are pleased to have secured this non-dilutive financing and grateful for the continuing support of our Chairman. This funding provides additional flexibility as we look to expand revenue and market share in Q4 and beyond from our increasingly streamlined and efficient cost base."
For more information:
BZAM Cannabis
www.bzam.com