Hillmount Capital provided a 1st mortgage of $3,000,000 to AgMedica Bioscience Inc. and affiliated entities as part of the company’s CCAA exit plan. The financing was provided for the cannabis producer (with real estate assets and equipment) to pursue and implement their CCAA exit strategy.
AgMedica is a licensed cannabis producer in Ontario who on December 2, 2019, obtained protection under the Companies’ Creditors Arrangement Act (CCAA). In September 2020, the company exited the CCAA proceedings as a result of a successful restructuring.
Hillmount Capital initially provided DIP financing pursuant to the initial 10-day court order granted under the company’s CCAA proceedings. To facilitate the CCAA exit, a 1st mortgage was provided for a 240,000 SF multi-tenant industrial building, partly occupied by the owner. This is the second round of financing provided by Hillmount Capital as a result of the company’s CCAA proceedings. See related, “Hillmount Capital Provided Bridge Financing to AgMedica During CCAA”
See the EY website for case details.
Hillmount Capital provides real estate-based alternative financing options to protect asset values and provide working capital to clients who have pressing needs when conventional sources are unavailable.