Solar Integrated Roofing Corp.’s (OTC: SIRC) New $25 Million Term Note ‘Well Positions’ Company To Provide Sustainable LongTerm Value For Its Shareholders, Says David Massey, CEO
Solar Integrated Roofing Corp.’s (OTC: SIRC) has secured a new $25 million term note which ‘well positions’ the company to provide sustainable long term value for its shareholders, says David Massey, CEO. “This $25 million term note, in conjunction with our cost control efforts to reduce redundant expenses, will prove instrumental to our near-term focus to optimize operating cash flows and profitability,” he explained
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The company announced that terms of the new agreement for the drawdown term note are a principal amount of $25 million at an interest rate of 6% with a 5% original issue discount. The term note converts into SIRC common stock at a fixed price of $4.00 per share barring an event of default. Each drawdown has a maturity date six months from the issuance date.
Massey added, “I firmly believe that the achievement of sustainable, positive cash flows from operations is a critical step to enhancing shareholder value, something that needs to happen in advance of any potential future up listing.”
The $25 million term note is part of a one-two financial punch that also includes SIRC’s recent announcement of a new $10 million credit facility. Together, they offer SIRC the financial flexibility to support its next phase of growth, the Company said. Additional details of that credit facility will be available in a Form 8-K to be filed upon closing, he said.
The new credit facility will ‘mark another important milestone’ for SIRC as it continues to execute on its strategic long-term growth objectives and strives to create sustainable, long-term value for its shareholders, Massey said.
Solar Integrated Roofing Corp. (OTC: SIRC) will aggressively focus on improving operating cash flows and profitability in 2023, Massey said.
Source: Stock Market Press
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