TORONTO, Nov. 20,
2024 /CNW/ - Saltire Capital Ltd. (formerly FG
Acquisition Corp.) ("Saltire" or the
"Company") (TSX: SLT.U) (TSX:
SLT.WT.U) is pleased to announce that it
has entered into a credit agreement (the "Credit Agreement")
with National Bank of Canada
("NBC"), pursuant to which NBC has agreed to provide Saltire
with a revolving credit facility in the amounts and on the terms
and conditions outlined below (the "Credit
Facility"). The Credit Facility provides Saltire with
borrowing capacity of up to US$12
million (with an additional US$3
million accordion feature), which will provide Saltire with
further flexibility as it continues to pursue its growth strategy.
In particular, the Credit Facility is expected to support Saltire's
ability to capitalize on acquisition opportunities as they arise,
and also for general corporate and working
capital purposes, while maintaining a prudent approach to
leverage.
Selected highlights regarding the Credit Facility include:
- NBC will provide Saltire with up to US$12 million of credit (the "Credit
Limit");
- provided no default has occurred and is continuing under the
Credit Agreement, Saltire may request an increase to the Credit
Limit in an amount up to US$3
million;
- the Credit Facility is available on a revolving basis and may
be drawn in CAD and/or USD; and
- the Credit Facility will mature on the third anniversary of the
Credit Agreement
The Company's obligations under the Credit Agreement are secured
by a guarantee provided by its wholly-owned subsidiary, Strong/MDI
Screen Systems, Inc. ("MDI") and first-ranking liens against
Saltire's and MDI's present and future property.
"We are pleased to partner with National Bank of Canada as our lender, and we look forward to
continuing to cultivate this relationship as we execute on our
strategy. I am confident that this transaction will enhance our
success as we continue to grow our business," said Andrew Clark, CEO of Saltire.
A copy of the Credit Agreement will be filed with the applicable
securities commissions using the Canadian System for Electronic
Document Analysis and Retrieval Plus ("SEDAR+") and will be
available for viewing on Saltire's SEDAR+ profile at
www.sedarplus.ca.
About Saltire Capital Ltd.
Saltire is a long-term capital partner that allocates capital to
equity, debt and/or hybrid securities of high-quality private
companies. Investments made by Saltire consist of meaningful and
influential stakes in carefully selected private companies that the
Manager believes are under-valued businesses with the potential to
significantly improve fundamental value over the long-term. These
businesses will generally have high barriers to entry, predictable
revenue streams and cash flows and defensive characteristics.
Although Saltire primarily allocates capital to private companies,
Saltire may, in certain circumstances if the opportunity arises,
also pursue opportunities with orphaned or value challenged small
and micro-cap public companies. Saltire provides investors with
access to private and control-level investments typically reserved
for larger players, while maintaining liquidity.
Forward Looking Information
This press release may contain forward-looking information that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Saltire. All statements
included herein, other than statements of historical fact, may be
considered forward-looking information and such information
involves various risks and uncertainties, including those described
under the heading "Risk Factors" in Saltire's final long-form
prospectus dated August 2, 2024,
which is available for viewing on Saltire's SEDAR+ profile at
www.sedarplus.ca. There can be no assurance that such information
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such information.
Any forward-looking statements are made as of the date of this
release and, other than as required by applicable securities laws,
Saltire does not assume any obligation to update or revise them to
reflect new events of circumstances.
www.saltirecapitalltd.com
SOURCE Saltire Capital Ltd.
