Royalty North Partners Ltd. entered into a credit agreement in second quarter 2017 with the Canadian Imperial Bank of Commerce (CIBC) for a committed credit facility initially in the amount of CAD 5,000,000 maturing on the third anniversary of closing the Credit Facility. The Company was in default of certain covenants of the Credit Facility as at December 31, 2017 and has not been issued a waiver in respect of this default since this time. In March 2018, in discussion with the company, CIBC reduced the Credit Facility available to RNP to CAD 1,900,000. In the short-term, the Company's first priority is to repay the Credit Facility with CIBC. The reduced Credit Facility continues to provide RNP sufficient funds to continue to operate the business while it determines a strategy to fully repay the remaining balance. Beyond this, the company intends to continue receiving income from its' remaining investments in accordance with the latest contracts between the company and its partners.

The company also announced that Chris Buss, Chief Investment Officer, has left Royalty North to pursue other opportunities. He will not be seeking re-election as a Director of the company at the upcoming annual general meeting.