Goodfood Market Corp, a leading Canadian online meal solutions company, reached an agreement for an extension of its credit facility with Desjardins Capital Markets and Investment Québec. The facility will now provide bank financing totalling approximately $5 million consisting of a $2.1 million term loan, a $1.3 million revolving credit facility, and $1.4 million in additional short-term financing. The facility comes to maturity in November 2024. Goodfood intends to use the facilities mainly for working capital, general corporate purposes and capital expenditures.
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“We are pleased to have worked closely with our lending group and to extend credit facilities that continue to support our efforts to grow our profitability and cash flows. Combined with our cash balance and consistency in profitability, the credit facilities will provide flexibility to help propel Goodfood into profitable growth in the coming quarters,” said Jonathan Ferrari, Chief Executive Officer of Goodfood. “With our turnaround complete and our path to profitable growth established, we are very pleased to count on the support of key lending partners,” concluded Mr. Ferrari.
Goodfood is a leading digitally native meal solutions brand in Canada, delivering fresh meals and add-ons that make it easy for customers from across Canada to enjoy delicious meals at home every day. The Goodfood team is building Canada’s most loved millennial food brand, with the mission to create experiences that spark joy and help our community live longer on a healthier planet. Goodfood customers have access to uniquely fresh and delicious products, as well as exclusive pricing, made possible by its world class culinary team and direct-to-consumer infrastructures and technology. We are passionate about connecting our partner farms and suppliers to our customers’ kitchens while eliminating food waste and costly retail overhead. The Company’s administrative offices are based in Montreal, Québec, with production facilities located in the provinces of Quebec and Alberta.
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