EverGen Infrastructure Announces Closing of New FCC Credit Facility and $1.9 Million Private Placement
Executive Summary
- EverGen Infrastructure Corp. closed a $13.0 million asset‑level term loan (plus a $250k operating line) with Farm Credit Canada, using the proceeds to repay $12 M of corporate debt and reduce annual debt service costs.
- The company also completed the second tranche of its non‑brokered private placement, raising approximately $1.9 M by issuing 3,152,441 common shares at $0.60 per share.
- Combined, the transactions lower total corporate indebtedness to roughly $1.1 M, improve balance‑sheet flexibility for 2026 growth initiatives, and provide additional equity capital for working capital and general corporate purposes.
Key Details
- Credit Facility:
- Term loan of $13.0 million to Fraser Valley Biogas Ltd. (FVB) from Farm Credit Canada (FCC).
- Additional $250,000 operating line of credit.
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Primary use: repay $12.0 million of existing corporate debt owed to Roynat Inc. and Export Development Canada; support balance‑sheet liquidity.
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Corporate Debt Reduction:
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Corporate‑level debt reduced by $12 M, leaving a remaining balance of approximately $1.1 M.
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Second Tranche Private Placement:
- Gross proceeds of ≈ $1.9 million.
- Issued 3,152,441 common shares at $0.60 per share.
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First tranche (May 21 2025) raised $5 M from ASK America, LLC (8,333,333 shares).
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Use of Private Placement Proceeds:
- Repayment of certain indebtedness.
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Working capital and general corporate purposes.
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Related Party Transactions:
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Certain directors and officers purchased common shares in the offering; exempted from formal valuation and minority‑shareholder approval under NI 61‑101 provisions.
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Regulatory Notes:
- Shares subject to a statutory hold period of four months and one day.
- Offering remains pending final acceptance by the TSX Venture Exchange.
Notable Quotes
“We’re pleased to deepen our relationship with Farm Credit Canada… At $0.60 per share, we see material upside as the business delivers on operational milestones.” – Chase Edgelow, Co‑founder & CEO, EverGen Infrastructure Corp.