Deveron Announces Forbearance Agreement
Deveron has entered into a forbearance agreement with Toronto Dominion Bank regarding an outstanding loan of approximately $26 Million. The agreement, signed on April 25th, 2025, covers both term debt and drawn operating line of credit under a secured credit agreement from May 15, 2023.
Key details of the forbearance:
- The lender agrees to temporarily halt exercising its rights and remedies for certain credit agreement defaults
- Agreement extends until September 30, 2025, or until a Forbearance Termination Event occurs
- Allows Deveron to continue its strategic review process
- Company aims to evaluate alternatives for addressing short-term liquidity needs
The company, which trades on TSX Venture Exchange under symbol FARM, will provide updates when appropriate. This development involves Deveron's subsidiary A&L Canada Laboratories in the credit agreement structure.
Deveron ha stipulato un accordo di tolleranza con la Toronto Dominion Bank riguardante un prestito in sospeso di circa 26 milioni di dollari. L'accordo, firmato il 25 aprile 2025, copre sia il debito a termine sia la linea di credito operativa utilizzata, nell'ambito di un accordo di credito garantito a partire dal 15 maggio 2023.
Dettagli principali dell'accordo di tolleranza:
- Il creditore accetta di sospendere temporaneamente l'esercizio dei propri diritti e rimedi per alcuni inadempimenti dell'accordo di credito
- L'accordo è valido fino al 30 settembre 2025, o fino al verificarsi di un Evento di Termine della Tolleranza
- Permette a Deveron di proseguire il processo di revisione strategica
- L'azienda mira a valutare alternative per affrontare le esigenze di liquidità a breve termine
La società, quotata alla TSX Venture Exchange con il simbolo FARM, fornirà aggiornamenti quando opportuno. Questo sviluppo coinvolge la controllata di Deveron, A&L Canada Laboratories, nella struttura dell'accordo di credito.
Deveron ha firmado un acuerdo de indulgencia con Toronto Dominion Bank respecto a un préstamo pendiente de aproximadamente 26 millones de dólares. El acuerdo, firmado el 25 de abril de 2025, cubre tanto la deuda a plazo como la línea de crédito operativa utilizada bajo un acuerdo de crédito garantizado desde el 15 de mayo de 2023.
Detalles clave del acuerdo de indulgencia:
- El prestamista acepta suspender temporalmente el ejercicio de sus derechos y recursos por ciertos incumplimientos del acuerdo de crédito
- El acuerdo se extiende hasta el 30 de septiembre de 2025, o hasta que ocurra un Evento de Terminación de la Indulgencia
- Permite a Deveron continuar su proceso de revisión estratégica
- La empresa busca evaluar alternativas para abordar las necesidades de liquidez a corto plazo
La compañía, que cotiza en la TSX Venture Exchange bajo el símbolo FARM, proporcionará actualizaciones cuando sea apropiado. Este desarrollo involucra a la subsidiaria de Deveron, A&L Canada Laboratories, en la estructura del acuerdo de crédito.
Deveron은 약 2600만 달러의 미지급 대출과 관련하여 Toronto Dominion Bank와 상환 유예 계약을 체결했습니다. 2025년 4월 25일에 서명된 이 계약은 2023년 5월 15일부터의 담보 신용 계약에 따른 만기 부채와 인출된 운전자금 신용 한도를 모두 포함합니다.
상환 유예의 주요 내용:
- 대출 기관은 특정 신용 계약 위반에 대한 권리 및 구제 조치를 일시 중단하기로 동의함
- 계약 기간은 2025년 9월 30일까지 또는 상환 유예 종료 사건 발생 시까지 연장됨
- Deveron이 전략 검토 과정을 계속 진행할 수 있도록 허용
- 회사는 단기 유동성 필요를 해결하기 위한 대안을 평가할 계획
TSX 벤처 거래소에서 FARM 심볼로 거래되는 이 회사는 적절한 시기에 업데이트를 제공할 예정입니다. 이 개발에는 Deveron의 자회사인 A&L Canada Laboratories가 신용 계약 구조에 포함되어 있습니다.
Deveron a conclu un accord de tolérance avec la Toronto Dominion Bank concernant un prêt en cours d'environ 26 millions de dollars. L'accord, signé le 25 avril 2025, couvre à la fois la dette à terme et la ligne de crédit opérationnelle utilisée dans le cadre d'un accord de crédit garanti datant du 15 mai 2023.
Détails clés de l'accord de tolérance :
- Le prêteur accepte de suspendre temporairement l'exercice de ses droits et recours pour certains manquements à l'accord de crédit
- L'accord est prolongé jusqu'au 30 septembre 2025, ou jusqu'à la survenance d'un événement de résiliation de la tolérance
- Permet à Deveron de poursuivre son processus de revue stratégique
- L'entreprise vise à évaluer des alternatives pour répondre aux besoins de liquidité à court terme
La société, cotée à la TSX Venture Exchange sous le symbole FARM, fournira des mises à jour en temps utile. Ce développement implique la filiale de Deveron, A&L Canada Laboratories, dans la structure de l'accord de crédit.
Deveron hat mit der Toronto Dominion Bank eine Nachsichtvereinbarung bezüglich eines ausstehenden Darlehens von etwa 26 Millionen US-Dollar getroffen. Die am 25. April 2025 unterzeichnete Vereinbarung umfasst sowohl die Terminschuld als auch die in Anspruch genommene Betriebskreditlinie im Rahmen eines gesicherten Kreditvertrags vom 15. Mai 2023.
Wesentliche Details der Nachsichtvereinbarung:
- Der Kreditgeber stimmt zu, vorübergehend auf die Ausübung seiner Rechte und Rechtsmittel bei bestimmten Vertragsverletzungen zu verzichten
- Die Vereinbarung gilt bis zum 30. September 2025 oder bis zum Eintritt eines Nachsichtbeendigungsereignisses
- Ermöglicht Deveron die Fortsetzung des strategischen Überprüfungsprozesses
- Das Unternehmen beabsichtigt, Alternativen zur Bewältigung kurzfristiger Liquiditätsbedürfnisse zu prüfen
Das Unternehmen, das an der TSX Venture Exchange unter dem Symbol FARM gehandelt wird, wird bei Bedarf Updates bereitstellen. Diese Entwicklung betrifft die Tochtergesellschaft von Deveron, A&L Canada Laboratories, im Rahmen der Kreditvertragsstruktur.
- Lender agrees to temporarily forbear from exercising rights and remedies until September 30, 2025, providing short-term relief
- Company maintains ability to continue strategic review process to evaluate alternatives for liquidity needs
- Company in default under Credit Agreement with Toronto Dominion Bank
- Significant debt burden of $26 Million in term debt plus drawn operating line of credit
- Company facing short-term liquidity challenges requiring strategic alternatives review
- Forbearance agreement indicates serious financial distress and potential inability to meet loan obligations
Toronto, Ontario--(Newsfile Corp. - April 28, 2025) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company") announces that on April 25th, 2025, the Company entered into a forbearance agreement (the "Forbearance Agreement") with Toronto Dominion Bank (the "Lender"), in connection with the repayment of a loan advanced by the Lender, which currently has a principal amount outstanding of approximately
The Forbearance Agreement provides for the continuation of the Company's strategic review process, which involves a review and evaluation of strategic alternatives that may be available to the Company to satisfy its short-term liquidity needs.
The Company will provide an update when further disclosure is required or otherwise appropriate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use.
For more information and to join our community, please visit www.deveron.com.
David MacMillan
President & CEO
dmacmillan@deveron.com
Tel: 647-963-2429
This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250044
FAQ
What is the forbearance agreement between Deveron (DVRNF) and Toronto Dominion Bank in April 2025?
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