EDMONTON, AB, July 17, 2020 /CNW/ – Bri-Chem Corp. (“Bri-Chem” or “Company”) (TSX: BRY), a North American oilfield chemical distribution and blending company, is pleased to announce the closing of a $6.25 million term loan (the “BCAP Loan”) with Canadian Imperial Bank of Commerce (“CIBC”) under the Canadian Government Business Credit Availability Program (“BCAP”) and that we have reached an agreement with CIBC to extend the term of our Asset Based Lending Facility (“ABL Facility”) to October 31, 2021. The Company and Greypoint Capital Inc. (“Greypoint”) have also agreed to certain amendments and additional terms to the Company’s current subordinated term loan with Greypoint in the aggregate principal amount of $7,866,667 (“Sub Debt Loan”).
