Bri-Chem Corp. announced that it has entered into an agreement with the Canadian Imperial Bank of Commerce ("CIBC") to renew its senior credit facilities ("ABL Facility") with a borrowing base of $25 million, The ABL Facility is now committed until October 31, 2024. The ABL Facility bears interest either at the Canadian prime rate plus 1.35% or bankers' acceptance and LIBOR rate plus 2.85%, has a standby fee of 0.25% on unused amounts of the ABL Facility and is secured by a general security agreement covering all present and acquired property and postponements of claims from related parties. In addition to the extension of favorable terms, amendments have been provided that will reduce professional fees associated with the administration of the ABL Facility, and an additional default provision associated to the successful renegotiation or refinancing of current subordinated debt loan six months prior to its expiration has been added. Financial covenants are consistent with the previous agreement.