Levitee Labs enters into credit facility for up to $12 million

October 25, 2021

On October 21, 2021, Levitee Labs Inc. (CSE:LVT) (“Levitee”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, announced it had entered into a financing agreement for up to $12 million with RiverFort Global Opportunities PCC Ltd. (“RiverFort” or the “Lender”). The secured loan facility (the “Loan”) was arranged by RiverFort Global Capital Ltd., a U.K. firm. Levitee will utilize the proceeds from the Loan to support its prospective future acquisitions of several assets in the clinics, pharmacies and mental health space.

Pursuant to the terms of the Loan, Levitee has agreed to draw down an initial $2.5 million tranche (“Tranche 1”), with this debt maturing on October 20th, 2023 (the “Maturity Date”), with interest payable by Levitee in an amount equal to 10% per annum. Pursuant to the terms of Tranche 1, Levitee issued 1,378,778 warrants (“Warrants”) to RiverFort whereby each Warrant will entitle RiverFort to purchase one common share of the Company (a “Share”) at a price of $0.68 per Share for a term of three years. As part of the Loan agreement, RiverFort will also have the option to convert up to 50% of the principal amount of the Loan into Shares at a fixed conversion price equal to 125% of the market price of the Shares at the time of the applicable draw down.

RiverFort Global Capital Ltd. is authorized and regulated by the UK Financial Conduct Authority (766760). RiverFort Global Opportunities PCC Ltd. is a segregated portfolio company registered with the Gibraltar Financial Services Commission.

Miller Thomson advised RiverFort with the regard to the transaction with a team consisting of Geoff Clarke, Jonathan Tong (Securities and Capital Markets) and Richard Leblanc (Financial Services).