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Sept. 7, 2022, 6:02 a.m. EDT

good natured Products Inc. Announces the Purchase of the Land and Buildings at Its Ayr, Ontario Facility

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Vancouver, British Columbia, Sep 07, 2022 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - September 7, 2022) - good natured Products Inc. /zigman2/quotes/200277468/delayed CA:GDNP -1.79% (otcqx:GDNPF) (the "Company" or " good natured® "), a North American leader in plant-based products, today announced that it has agreed to purchase the land and buildings located at the Company's Ayr, Ontario manufacturing location ("Ayr"). The purchase, which is scheduled to close on September 30, 2022, subject to satisfaction of customary closing conditions, will be for cash consideration of approximately $9.4 million (the "Ayr Purchase"). The Ayr Purchase will be principally funded by a $6.5 million of non-revolving capital loan from a Canadian Chartered Bank. In addition, the Company is drawing $2.9 million from the $3.9 million second tranche mortgage financing with Business Development Bank of Canada ("BDC") that was previously announced on August 24, 2022.

The Ayr Purchase includes an existing industrial building of approximately 30,000 square feet in size and 2.9 acres of land that has potential for future expansion.

$6.5 Million Loan with Canadian Chartered Bank The non-revolving capital loan from a Canadian Chartered Bank features a principal amount of $6.5 million, amortized over a 25-year period with monthly interest and principal repayments. This non-revolving capital loan will bear interest at Canadian Prime plus 1.35% and is secured by the land and buildings at Ayr.

$2.9 Million Second Tranche Draw with BDC The Company is drawing $2.9 million from the second tranche mortgage financing with BDC, which features a total principal amount of $3.9 million, amortized over a 25-year period with monthly interest and principal repayments. This mortgage financing will bear interest at BDC's Base Rate minus 0.25%, with future downward adjustments, and is secured by, amongst other collateral, the land and buildings at the Company's Brampton, Ontario manufacturing location.

The good natured ® corporate profile can be found at: investor.goodnaturedproducts.com and at on SEDAR ( sedar.com ) under the Company's issuer profile.

About good natured Products Inc. good natured ® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products ® that use more renewable materials, less fossil fuel, and no chemicals of concern.

good natured ® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.

For more information: goodnaturedproducts.com

On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
Contact: 1-604-566-8466

Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of securities laws including statements related to the completion of the Ayr Purchase and the related financing and potential benefits of the Ayr Purchase. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, that customary conditions of closing relating to the Ayr Purchase will be satisfied or waived and that the financing contemplated in this news release remain available to the Company on substantially the terms disclosed herein. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.

If relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136167

COMTEX_413912981/2523/2022-09-07T06:01:44

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/zigman2/quotes/200277468/delayed
CA : Canada: TSX Venture
$ 0.28
-0.0050 -1.79%
Volume: 128,914
Dec. 2, 2022 3:49p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$61.37 million
Rev. per Employee
N/A
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