Terranueva Obtains $500,000 in Financial Support From Economic Development Canada
L’ASSOMPTION, Quebec, Sept. 24, 2020 (GLOBE NEWSWIRE) — Corporation Terranueva (CSE : TEQ) ) (the “Corporation” or “Terranueva”), one of the 6 companies in Québec holding a licence from Health Canada to develop cannabis products for medical and recreational purposes, is pleased to announce that Economic Development Canada (“EDC”) has granted a loan of $500,000 to the business to support its day-to-day operations.
This assistance from EDC comes from the Regional Relief and Recovery Fund (“RRRFˮ), relating to the measures of Canada’s Economic Response Plan aimed at responding effectively to the COVID-19 pandemic.“The COVID-19 pandemic has placed significant pressure on corporate liquidity. We are therefore very happy to be able to count on this invaluable financial support from EDC via the RRRFˮ, underlines Francisco Perez Junior, COO of Terranueva.Mr. Perez adds, “By injecting $500,000 into our working capital, EDC allows us to continue executing our strategic plan, particularly by supporting our research and development activities, by allowing us to continue producing our harvests in our MPU (modular production unit) and the development of innovative products”.ABOUT TERRANUEVATerranueva relies on research and development, innovation and operational efficiency to become a key player in the emerging cannabis industry. It aims to provide the Canadian and international markets with first-rate medicinal and recreational cannabis. To achieve its goal, Terranueva implements a modular production approach, integrating the latest advances and innovations in process automation. Terranueva Pharma Corporation, its wholly owned subsidiary, holds the necessary licences from Health Canada to meet its mission. The Canadian Securities Exchange (CSE) has not in any way passed upon the merits of the anticipated operation and has neither approved nor disapproved the contents of this press release.Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Providers (as that term is defined in its policies) accept responsibility for the adequacy or accuracy of this press release.For more information, please contact: For Terranueva Corporation:
Chief Financial Officer
Telephone: (514) 883-8733