Solar Integrated Roofing Corp. Secures $25.0 Million Term Note to Finance Growth – Yahoo Finance
Solar Integrated Roofing Corp.
HENDERSON, Nev., Feb. 01, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, today announced that it has secured a $25.0 million drawdown term note with an institutional investor.
Per the terms of the agreement, the drawdown term note carries a principal amount of $25.0 million at an interest rate of 6% with a 5% original issue discount. The term note converts into common stock at a fixed price of $4.00 per share barring an event of default. Each drawdown has a maturity date six months from the issuance date.
David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp., said: “This $25 million term note, in conjunction with our cost control efforts to reduce redundant expenses, will prove instrumental to our near-term focus to optimize operating cash flows and profitability. I firmly believe that the achievement of sustainable, positive cash flows from operations is a critical step to enhancing shareholder value, something that needs to happen in advance of any potential future uplisting. Taken as a whole, I believe we will be well positioned to create sustainable, long-term value for my fellow shareholders in the long-term.”
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company’s website at www.solarintegratedroofing.com or join us on Twitter or LinkedIn.
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