Novo Integrated Sciences announces RWA letter issued by HSBC

Novo Integrated Sciences “announced that as part of a program to monetize a Standby Letter of Credit, the Company has received written confirmation that a Ready, Willing and Able, or RWA, has been issued by HSBC, for delivery by Swift MT 760, of a SBLC. The Company previously entered into an application for the monetizing program whereby the Company is projected to receive gross funding proceeds of approximately $78 million, under the SBLC instrument, on or before June 14, 2024. The intended use of the proceeds will secure the closing of the previously disclosed Purchase and Sale Agreement to acquire the Ophir Collection resulting in the sole unfettered ownership of the Ophir Collection by the Company.”