SOL Global closes $10 million loan facility and reduces outstanding principal of existing credit facility

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SOL Global Reduces Principal Amount of Former $50 Million Credit Facility to $10.885 Million and Continues Regular Repayments

TORONTO—SOL Global Investments Corp. (the “Company” Where “Global SOIL”) (CSE: SOL) (OTCQ SOLCF) (Frankfurt: 9SB) entered into a loan agreement with an arm’s length Canadian private lender (“New lender“) for a secured loan in the principal amount of C$10 million (the “new loan”). The New Loan has a duration of 12 months and will bear interest at the rate of 9% per annum. The New Loan is guaranteed by Verano Blocker 1 LLC, a wholly owned subsidiary of SOL Global, and Blue Sky Holdings USA Inc. (“Blue sky”), an indirect subsidiary of SOL Global; and is secured by a general security agreement of Blue Sky, which consists primarily of an indirect interest in real property located in Miami, Florida. The use of the proceeds of the New Loan (net of fees and expenses of the New Lender) was intended to reduce the principal amount of the Old Credit Facility (as defined below).

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The Company is also pleased to announce that following its press release dated May 18, 2022, in addition to the proceeds of the new loan, SOL Global has also paid an additional $550,000, for a total of $10.494 million. , as repayment of its senior secured loan. credit facility (the “old Credit Ease”) with an initial principal amount of $50 million, reducing the principal amount of the Old Credit Facility to C$10.885 million. SOL Global intends to continue to make regular principal payments to the Old Credit Facility and will provide further updates of material changes to the Old Credit Facility, including any additional payments.

Warnings

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. Forward-looking information is based on certain significant assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, and other considerations deemed appropriate in the circumstances. Although we consider these assumptions to be reasonable based on information currently available to management, there can be no assurance that these expectations will prove to be correct.

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By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information contained in this press release. There can be no assurance that SOL Global will be able to continue to make payments or service any other obligations under the Credit Facility, or its other present or future indebtedness, when expected, as described or not at all. Additional risk factors relating to SOL Global can also be found in SOL Global’s current MD&A, which has been filed on SEDAR and can be viewed at www.sedar.com. Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any forward-looking information.

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The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management as of the date such forward-looking information is made. SOL Global undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220607005597/en/

contacts

SOL Global Investments Corp.
Paul Kania, Chief Financial Officer
Phone: (212) 729-9208
Email: [email protected]

For media inquiries, please contact:
Angela TrostleGorman
AMW PR
Such. : 212.542.3146
Email: [email protected]

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