Not for Distribution to US Newswire Services or Dissemination in the United States
EverGen Infrastructure Corp. (“EverGen” or “the Company”) (TSXV: EVGN) (OTCQB: EVGIF), is pleased to provide an update on the Company’s debt refinancing activities and private placement.
As previously announced in May 2025, EverGen had executed a letter of intent for a $13 million asset level debt facility, proceeds of which would be used to repay a majority of its corporate debt, with terms that are better aligned with the Company’s current operations and strategic focus. Concurrently, the Company had announced plans to raise up to an additional $2 million via second tranche private placement on the same terms as the first tranche financing completed in May 2025 ($0.60 per share). The Company is pleased to report progress on both strategic initiatives, underpinning a strong outlook for 2026.
Today, EverGen, through its wholly owned subsidiary Fraser Valley Biogas (“FVB”), entered into a Credit Agreement (the “Credit Agreement”) with Farm Credit Canada for a $13 million term loan and $250,000 operating line of credit. Closing of the Credit Agreement and funding thereunder is subject to the satisfaction of customary closing conditions with closing and funding expected to occur in the coming days.
Private Placement Update:
The Company is further extending the second tranche of its previously announced non-brokered private placement of up to 11,666,667 common shares of the Company (“Common Shares”) for gross proceeds of up to $7,000,000 at a price of $0.60 per Common Share (the “Offering”). The first tranche of the Offering closed on May 21, 2025, pursuant to which the Company issued 8,333,333 Common Shares to ASK America, LLC for gross proceeds of $5,000,000 in connection with the Company’s reorganization transaction, further details of which are available in the Company’s press releases dated May 21, 2025 and April 23, 2025.
The second tranche of the Offering will be for up to 3,333,334 Common Shares at a price of $0.60 per share and gross proceeds of up to $2,000,000 and is expected to close in the coming days. The principal use of proceeds from the Offering is to pay certain indebtedness outstanding and for working capital and general corporate purposes. The Common Shares issued pursuant to the Offering are subject to a statutory four-month and one day hold period. Closing of the private placement remains subject to customary TSX Venture Exchange approvals.
