Deveron Announces Forbearance Agreement
April 28, 2025 5:00 PM EDT | Source: Deveron Corp.
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 $26 Million in term debt and drawn on an operating line of credit (the "Loan"), pursuant to the terms of a secured credit agreement dated May 15, 2023, as amended (the "Credit Agreement"), among the Company, its subsidiary A&L Canada Laboratories, and the Lender. Subject to the terms of the Forbearance Agreement, the Lender has agreed to forbear from exercising its rights and remedies under the Credit Agreement in respect of or arising out of certain defaults under the Credit Agreement, until the earlier of (i) September 30, 2025, or (ii) the occurrence or existence of any Forbearance Termination Event (as defined in the Forbearance Agreement).
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.
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
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