DionyMed Receives Notice of Default and Demand for Payment

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TORONTO&#8211(Small business WIRE)&#8211DionyMed Brands Inc. (“DionyMed” or the “Corporation“) (CSE: DYME OTCQB: DYMEF), a multi-state cannabis brands, direct-to-customer and distribution platform, announced these days that GLAS USA LLC (“GLAS USA”) , as administrative agent and GLAS America LLC&nbsp(“GLAS America”)&nbspas collateral agent below the Company’s credit agreement dated January 16, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), offered the Corporation with notice of default below the Credit Agreement and demand for quick payment of the quantity of US$24,810,682.80 plus any extra interest, costs and expenditures (the “Demand Notice”). GLAS America also concurrently offered the Corporation with a Notice of Intention to Enforce Safety below section 244 of the&nbspBankruptcy and Insolvency Act&nbsp(Canada) (the “BIA Notice”).&nbspGLAS America will not have the proper to enforce its safety more than the Corporation and its assets till the expiry of the 10-day period following the BIA Notice was sent unless the Corporation consents to an earlier enforcement.

“Company“) (CSE: DYME OTCQB: DYMEF), a multi-state cannabis brands, direct-to-customer and distribution platform, announced these days that GLAS USA LLC (“GLAS USA”

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The Corporation is reviewing and thinking of the Demand Notice and BIA Notice and its choices. It will continue to operate co-operatively with its main lender towards reaching a restructuring option for it to continue operating as a going concern for the advantage of its stakeholders. At present, there can be no assurance as to what, if any, options could be pursued by the Corporation and there can be no assurance that the Corporation will attain any option with the Company’s lender, or as to the terms of any such option, if accomplished. Holders of the Company’s shares may perhaps face a loss of their investment as a outcome of a failure to attain a option with the lender or as a outcome of a failure to attain a option that involves holders of shares.

About DionyMed

Founded in 2017, DionyMed is a multi-state cannabis brands platform, supporting cultivators, makers and award-winning brands in the health-related and adult-use cannabis markets. DionyMed sells branded solutions in each and every category from flower to concentrates and edibles. DionyMed serves cannabis customers by way of direct-to-customer fulfillment and retail dispensary distribution with its developing portfolio of award-winning brands. Study much more at dyme.com and comply with @DYME_Inc on Twitter and LinkedIn.

This news release does not constitute an present to sell or a solicitation of an present to get any of the securities described herein in the United States. The securities described herein have not been registered below the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may perhaps not be presented or sold in the “United States”, as such term is defined in Regulation S promulgated below the U.S. Securities Act, unless registered below the U.S. Securities Act and applicable state securities laws or an exemption from such registration specifications is offered.

The post DionyMed Receives Notice of Default and Demand for Payment appeared 1st on L.A. Cannabis News.

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