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Posted On: 02/03/2023 9:37:01 AM
Post# of 107164
SIRC Solar watch it soar!
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.
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.
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