Body and Mind Inc. (OTCQB:BMMJ) (CSE:BAMM) provided an update on the extension and amendments to its loan agreement entered into between the company, DEP Nevada, Inc., a wholly owned subsidiary of the company, the guarantors as set forth in the loan agreement, FG Agency Lending LLC and Bomind Holdings LLC, dated July 19, 2021, as amended on November 30, 2021.
The company has entered into a second amendment to the loan agreement to extend the maturity date by one year to July 19, 2026. Additionally, amendment no. 2 to loan agreement allows the outside date for the company to draw on the delayed draw term loan of $4.44 million to be extended from June 1, 2022 to March 31, 2023, whereby $4 million in funds will be advanced to the company. The ability of the company to draw on the delayed draw term loan is subject to compliance with certain provisions in loan agreement including provision of a satisfactory budget approved at the sole discretion of the lender.
