Good Natured Products Inc. Announces Up to USD $55 Million Credit Facility with Wells Fargo and CAD $6.6 Million Mortgage Financing with Business Development Bank of Canada

good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced it has completed a senior secured revolving credit facility (the "Senior Credit Facility") with Wells Fargo Bank, N.A. ("Wells Fargo"), through its wholly owned subsidiary Wells Fargo Capital Finance Corporation Canada, consisting of a USD $30 million asset-based revolving credit facility with a 4-year term and an uncommitted USD $25 million revolving facility, available at the discretion of Wells Fargo. In addition, the Company has closed a CAD $6.6 million financing (the "Mortgage Refinancing") with Business Development Bank of Canada ("BDC").

The initial draw on the Senior Credit Facility was used to retire CAD $13.7 million of outstanding credit facility debt with National Bank of Canada ("National Bank"), referenced previously in a press release dated June 29, 2022 as the "primary lender". This consisted of approximately CAD $11.2 million on the CAD $15 million revolving working capital credit facility and CAD $2.5 million on the CAD $4 million revolving term capital expenditure credit facility. Proceeds from the Mortgage Refinancing was used to retire CAD $6.6 million of outstanding non-revolving term credit facility with National Bank of Canada that was secured by a first mortgage on the Company's Brampton, Ontario manufacturing location ("Brampton").

"Attracting one of the largest banks in the U.S. as a partner to fuel our current and future growth initiatives is an incredible milestone for the Company and speaks to the strong commercial viability of our sustainable value proposition," stated Paul Antoniadis, CEO of good natured®. "We're also very excited to have BDC, one of our largest shareholders, extend its support at this important juncture, and are very pleased that Wells Fargo and BDC share a common vision regarding our long-term path for growth, value creation, and in making better everyday products® that create a healthy sustainable future for our planet and its people."

USD $55 Million Senior Credit Facility with Wells Fargo

The Senior Credit Facility with Wells Fargo provides up to USD $55 million in funding, replacing the National Bank credit agreement of CAD $35.8 million, previously announced on October 13, 2021. The secured Senior Credit Facility is comprised of a USD $30 million asset-based revolving credit facility with a 4-year term and an uncommitted USD $25 million revolving facility, available at the discretion of Wells Fargo. The Senior Credit Facility is to be used to retire amounts outstanding on credit facility debt with National Bank described earlier, for acquisitions, capital asset additions, working capital and general corporate purposes. The Senior Credit Facility will bear interest at the U.S. Secured Overnight Financing Rate ("SOFR") plus 2.50 - 3.00% subject to certain operating benchmarks. The Senior Credit Facility is secured by a general security interest over the assets of all existing and future subsidiaries of the Company.

The facility with Wells Fargo provides greater flexibility with respect to covenants that supports the Company to execute its growth strategy.

CAD $6.6 Million Mortgage Refinancing with BDC

The secured Mortgage Refinancing on the Brampton location with BDC features a principal amount of CAD $6.6 million, amortized over a 25-year period with monthly interest and principal repayments. BDC has made an additional $3.9 million available as funding toward future capital projects. The mortgage loan will bear interest at BDC's Base Rate minus 0.25%, with future downward adjustments, and is secured by, among other collateral, the land and buildings at Brampton.

The good natured® corporate profile can be found at: investor.goodnaturedproducts.com and at on SEDAR (sedar.com) under the Company's issuer profile.

About good natured Products Inc.

good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products® that use more renewable materials, less fossil fuel, and no chemicals of concern.

good natured® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.

For more information: goodnaturedproducts.com

On behalf of the Company:
Paul Antoniadis – Executive Chair & CEO
Contact: 1-604-566-8466

Investor Contact:        
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com