Founders Advantage Unwinds Forward Contract, Increases Liquidity

CALGARY, Alberta, March 24, 2020 (GLOBE NEWSWIRE) — Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) today announced that it has unwound its forward agreement to purchase $15 million USD in June, 2022 (entered into on December 11, 2019) in exchange for net cash proceeds of CAD$1.47 million. 
James Bell, President and CEO commented: “As we anticipate that COVID-19 will have some short-term impacts on our investee partners, we wanted to increase liquidity at FAC to allow us more financial flexibility.  As our USD denominated credit facility does not mature until June, 2022, we believe that maintaining short-term liquidity is a higher priority than managing our longer term foreign currency risk.”The Corporation maintains the ability to enter into forward contracts to purchase up to USD$25 million in the event that it elects to do so at a later date.About Founders Advantage Capital Corp.
Bay Street News

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt

Start typing and press Enter to search