Slang worldwide enters into waiver and support agreement with secured lenders in anticipation of upcoming maturity date

Toronto, ontario--(newsfile corp. - october 9, 2024) - slang worldwide inc. (cse: slng) (otcqb: slgwf) ("slang" or the "company"), a global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced that it has entered into a waiver and support agreement (the "support agreement") with, among others, the secured lenders (the "lenders") under the company's credit and guaranty agreement dated november 15, 2021, as amended (the "credit agreement") given the upcoming maturity date under the credit agreement of november 15, 2024 (the "maturity date"). pursuant to the support agreement, the lenders have agreed to a standstill and to not take any steps under the credit agreement, related guarantees and security documents until the earlier of: (i) the maturity date, and (ii) the occurrence of certain specified termination events, in exchange for a payment of us$1.75 million and enhanced reporting covenants from the company during the term of the standstill period.
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