Langley's Bevo Agro Inc. (TSX-V:BVO) has negotiated a new $24 million credit facility with Farm Credit Canada.
The company's new credit will be used to pay out a $5 million convertible debenture to Banyan Capital Partners, provide a $2 million loan for general agricultural purposes, and finance two $11 million term loans.
Bevo Agro's new credit replaces $17 million provided through BMO Bank of Montreal. BMO will continue to provide a $2 million line of credit for day to day operations. Bevo Agro's share price during the past week: $0.175; 52-week high: $0.335; 52-week low: $0.15.