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CANN GROUP LIMITED — Capital/Financing Update 2022
Jul 19, 2022
64603_rns_2022-07-19_33593ea6-0085-4a35-ba1e-eb9dabcd8c37.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
20 July 2022
Additional funding secured from National Australia Bank
20 July 2022 – Cann Group Limited (ASX: CAN) ( Cann or the Company ) announced today that it has finalised arrangements with the National Australia Bank ( NAB ) for a new leasing facility.
On 22 April 2022, Cann announced that it had executed documentation for a $15 million working capital facility with the NAB as well as amending the terms of the Company’s construction draw down facility. Details of that new facility and the amendments to the construction draw down facility were set out in the announcement on that date.
Cann has now also entered into a Master Asset Financing Agreement ( MAFA ) with the NAB. The MAFA will have a revolving leasing limit of $750,000 which will decrease when goods are financed but increase again when repayments are made. Each financing lease covered under the MAFA will have a different rate, determined by the Reserve Bank of Australia’s then current rate, and the nature of the item that is being leased. Cann can repay each lease over a period of 24 – 60 months. The facility has an expiry date of 30 June 2023.
The MAFA will provide Cann with a cost effective solution to purchasing capital equipment, allowing the Company to spread such costs over an agreed period of time.
Authorised for release by the Board of Directors of Cann Group Limited.
For all media enquiries please contact:
Matthew Wright NWR Communications +61 451 896 420 [email protected]
For all other information please contact:
Peter Crock Deborah Ambrosini CEO CFO Cann Group Limited Cann Group Limited +61 3 9095 7088 +61 3 9095 7088 [email protected] [email protected]
About Cann Group
Cann Group Limited (ABN 25 603 949 739) is enhancing patients’ lives by developing, producing, and supplying innovative cannabis medicines. The Company has built world-class research, cultivation and GMP manufacturing facilities in Melbourne, and a state-of-the-art large-scale cultivation and GMP manufacturing facility near Mildura, Victoria. Cann Group supplies a range of dried flower and oil products, as well as active pharmaceutical ingredients and extracts, to customers in Australia and around the world. Cann Group also owns Satipharm and its patent-protected capsule technology. Learn more at: www.canngrouplimited.com | www.satipharm.com
Cann Group Limited (ACN 603 949 739) 4 Research Avenue, Bundoora, VIC 3083 Australia Ph: +61 3 9095 7088