By: The Working Forest Staff
Vancouver, British Columbia, GLOBE NEWSWIRE — Conifex Timber Inc. (“Conifex”) has announced that it has completed a $10 million secured revolving credit facility (the “Facility”) with Wells Fargo Capital Finance Corporation Canada. The Facility is available for a term of 3 years and is substantially secured by Conifex’s lumber segment inventory, equipment, and accounts receivable. The Facility will bear interest at CDOR or LIBOR plus a margin of 3.50% and contains an accordion feature to increase the limit of the Facility to $15 million, subject to certain conditions.
Conifex intends to utilize the Facility for working capital, capital expenditures, and other general corporate purposes.
Conifex plans to release its third-quarter 2020 results after the market closes on Tuesday, November 10, 2020. Conifex has scheduled a conference call at 2:00 PM Pacific time / 5:00 PM Eastern time on the same day to discuss its financial results. To participate in the call, please dial one of the following numbers:
Toll-Free Access (Canada/US): 1-800-806-5484
The call will also be available on instant replay access until December 10, 2020. For Instant Replay Access, please dial one of the following numbers and enter Participant Pass Code 2901277#.
Toll-Free Access: 1-800-408-3053