Farmers Edge Inc. (“Farmers Edge” or the “Company”)(TSX: FDGE), a pure-play digital agriculture company, today announced that it has entered into an amendment to its secured credit facility (the “Facility”) with Fairfax Financial Holdings Limited and/or certain of its affiliates (collectively, “Fairfax”). The Facility has been increased by $6.37 million to a principal amount of $81.37 million. The increased amount is being extended on the same terms as the underlying credit agreement, including deferred interest at a rate of 6% per annum and a maturity date of January 31, 2025. The net proceeds of the Facility will be used for working capital and general corporate purposes.
“We deeply appreciate Fairfax’s collaboration and support in extending and expanding our credit facility during this transformative phase of our journey,” said Vibhore Arora, CEO of Farmers Edge.
This related party transaction was unanimously approved by the independent directors of the Board of Directors of Farmers Edge, and has been accepted by the Toronto Stock Exchange under section 501(c) of the TSX Company Manual.
About Farmers Edge
Farmers Edge is a global leader in digital agriculture, revolutionizing the industry with a broad portfolio of proprietary technological innovations, spanning hardware, software, and services. Powered by a unique combination of connected field sensors, artificial intelligence, big data analytics, and agronomic expertise, the Company’s digital platform turns data into actions and intelligent insights, delivering value to all stakeholders of the agricultural ecosystem. Farmers Edge disruptive technologies accelerate digital adoption on the farm and beyond, protecting our global resources and ensuring sustainable food production for a rapidly growing population. For more information on Farmers Edge, please visit www.farmersedge.ca. Additional information relating to the Company, including all public filings, is available on SEDAR+ (www.sedarplus.ca).
Forward-Looking Information
Certain statements in this press release constitute forward-looking information within the meaning of applicable securities legislation, and reflect the Company’s current expectations regarding future events. Forward-looking information is based on a number of key expectations and assumptions made by Farmers Edge. Forward-looking information is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Those risks and uncertainties include, but are not limited to, the factors discussed under “Forward-Looking Information” and “Risk Factors” in the Company’s most recent Annual Information Form, and under the “Risk and Uncertainties” section in the Company’s management discussion and analysis filed November 8, 2023, each of which are available on the Company’s website (www.farmersedge.ca/investor-relations/) and on SEDAR+ (www.sedarplus.ca). The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231115779759/en/