BZAM enters into Second Amended and Restated Credit Agreement

Rhea-AI Summary

BZAM Ltd. (BZAM) (CSE: BZAM) (US-OTC: BZAMF) has completed the acquisition of Final Bell Canada Inc. and entered into a Second Amended and Restated Credit Agreement with its Canadian lender. The SARCA incorporates the assets of FBC into the security collateral and amends the EBITDA financial covenant. The company also repaid $1 million on the fixed portion of the facility and allowed for the unsecured promissory note issued to Final Bell Holdings Inc.

VANCOUVER, BC, Jan. 9, 2024 /PRNewswire/ - BZAM Ltd. ("BZAM") (CSE: BZAM) (US-OTC: BZAMF) is pleased to announce that, following the completion of the acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. ("FBC") from Final Bell Holdings International Ltd. ("FBHI") (the "Transaction"), BZAM, through its wholly owned subsidiary The Green Organic Dutchman Ltd, has today entered into a Second Amended and Restated Credit Agreement (the "SARCA") with its Canadian lender to incorporate the assets of FBC into the security collateral and, amongst other things: (i) amend the EBITDA financial covenant to take effect on a rolling three month average basis; (ii) repay $1 million on the fixed portion of the facility from the proceeds of sale of the Edmonton property, such repayment amount then becoming available under the revolving portion of the facility and (iii) allow for the unsecured promissory note issued to Final Bell Holdings Inc., the prior affiliate of FBC. All other terms of its amended and restated credit agreement dated September 29, 2021 (as amended) not specifically amended will remain materially the same as before.

About BZAM Ltd.

BZAM Ltd. (CSE: BZAM) (US‐OTC: BZAMF) is a leading Canadian cannabis producer. The BZAM family includes core brands BZAM™, TGOD™, ness™, Highly Dutch Organic™, TABLE TOP™, and partner brands Jeeter, Cookies, Sherbinskis, Dunn Cannabis, FRESH and Wyld. BZAM operates facilities in BC, Ontario and Quebec, as well as a retail store in Regina, Saskatchewan.

The BZAM Shares and certain BZAM warrants issued under the indentures dated June 12, 2020, October 23, 2020 and December 10, 2020 currently trade on the CSE under the symbol "BZAM", "BZAM.WR", "BZAM.WA", and "BZAM.WB" respectively. The BZAM Shares trade in the U.S. on the OTCQX under the symbol "BZAMF". For more information on BZAM Ltd., please visit www.bzam.com.

Neither the CSE nor the CSE's Regulation Services Provider (as that term is defined in the policies of CSE) accept responsibility for the adequacy or accuracy of this release.

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SOURCE BZAM LTD.

FAQ

What is the latest announcement from BZAM Ltd.?

BZAM Ltd. has completed the acquisition of Final Bell Canada Inc. and entered into a Second Amended and Restated Credit Agreement with its Canadian lender.

What are the ticker symbols for BZAM Ltd.?

The ticker symbols for BZAM Ltd. are CSE: BZAM and US-OTC: BZAMF.

What is the purpose of the Second Amended and Restated Credit Agreement?

The SARCA incorporates the assets of FBC into the security collateral and amends the EBITDA financial covenant.

How much did BZAM Ltd. repay on the fixed portion of the facility?

BZAM Ltd. repaid $1 million on the fixed portion of the facility from the proceeds of sale of the Edmonton property.

What remains the same in the amended and restated credit agreement?

All other terms of the amended and restated credit agreement dated September 29, 2021 (as amended) not specifically amended will remain materially the same as before.