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Local Bounti Has Secured Up To $145M Of New Financing Across Two Sources To Support Its Growth Plans And Immediate Efforts To Increase Production To Meet Accelerating Demand

Benzinga ·  Mar 29, 2023 19:20
  • Amended agreement with Cargill provides additional $110 million to fund construction at Georgia, Texas and Washington facilities
  • Signs sale-leaseback transaction for $35 million.
  • Local Bounti entered into an amendment to its existing credit agreements with Cargill to expand the facility from $170 million to up to $280 million per the terms and conditions of the agreement, including capital to fund construction at the Company's facilities in Georgia, Texas and Washington, subject to certain conditions.
  • In consideration for the improved flexibility and the expanded size of the facility, Local Bounti issued Cargill 5-year warrants to purchase up to 69.6 million shares of common stock with a per share exercise price of $1 per share, representing more than a 100% premium to Local Bounti's current stock price.
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