Rektron Announces Usd$50 Million Credit Facility Between Its Subsidiary Dl Hudson Ltd. and Saudi Exim Bank
VANCOUVER, BC, October 15, 2024 (Newswire.com) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES
Rektron Group Inc. ("Rektron" or the "Company") (CSE:REK.U)(FRA:F75) a global commodities trading house, is pleased to announce that its wholly-owned subsidiary DL Hudson Limited ("DLH") has signed a USD$50 million credit facility agreement with Saudi EXIM Bank (the "Facility").
Under the Facility, the Saudi EXIM Bank, through the International Buyer Finance Product, will provide financing to DLH to purchase Saudi products from the Kingdom of Saudi Arabia and distribute them to its customers across various global markets.
The Facility is a revolving facility and bears an interest rate of SOFR + 1.45% due on the 90th day from the date of disbursement. The Facility is available for a period of twelve (12) months from the date of signing of the Facility.
On Behalf of the Board of Directors, Rektron Group Inc.
Ricardo Phielix
Chief Executive Officer
FOR FURTHER INFORMATION CONTACT:
Manny Bettencourt
Email: ir@rektrongroup.com
Phone: +1 (289) 482-0744
Web: https://www.rektrongroup.com/
About Saudi EXIM Bank
Established in 2020, the Saudi EXIM Bank aims to empower local exporters and promote the development and diversification of Saudi non-oil exports. By offering financing and insurance products, the bank enhances the competitiveness of national products in global markets across various sectors. These efforts bolster confidence in Saudi exports, contribute to the national economy, and align with the Kingdom's Vision 2030. The Saudi EXIM Bank is one of the development funds and banks affiliated with the National Development Fund.
About the Company
The Company is the holding and parent company of Rektron AQ Limited, which is the holding and parent company of DL Hudson Limited. DL Hudson Limited is the trading arm of a group of companies, of which there are several subsidiaries that support the group's global commodity trading operations. The Company is headquartered in Vancouver, BC, while Rektron AQ Limited is headquartered in London, UK.
The Company focuses on maintaining an experienced team of management and traders, extensive geographical and product diversification, trading and logistical expertise, and financial and risk management. The team at the Group is composed of energy and metals traders, City of London and Wall Street bankers. The trading expertise includes principal energy and metals products, particularly ferrous and nonferrous metals, Energy Transition Commodities ("ETC"), recycled metals and crude and Euro VI-compliant refined oil products. The Company transacts across all compliant markets following the international trade regulations and guidelines.
FORWARD‐LOOKING STATEMENTS
This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, "forward‐looking statements") that relate to Rektron's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Rektron's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID‐19 pandemic and other factors set forth under "Caution Regarding Forward-Looking Statements" and "Risk Factors" in the Company's final prospectus dated March 4, 2024 and as amended on June 28, 2024 and August 12, 2024. Rektron undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Rektron to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
Contact Information
Ricardo Phielix
CEO
ir@rektrongroup.com
+1 (289) 482-0744
Manny Bettencourt
CFO
mb@rektrongroup.com
+1 (289) 482-0744
SOURCE: Rektron Group Inc.
Source: Rektron Group Inc.