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  • iLOOKABOUT Announces 2 Million Credit Facility Commitment Letter With BDC

21st December 2011

iLOOKABOUT Announces 2 Million Credit Facility Commitment Letter With BDC

ilookaboutVisual and data intelligence company iLOOKABOUT Corp. has announced the signing of a commitment letter with BDC Capital Inc, a wholly- owned subsidiary of Business Development Bank of Canada  for a $2 million four-year secured term credit facility. The facility provides for the distribution of the financing in stages, subject to the Company meeting specified performance milestones.

Jeff Young, President and Chief Executive Officer of iLOOKABOUT, said, “We are pleased to have obtained this commitment from the BDC, the funds of which are anticipated to support revenue growth and enhance shareholder value.”

Proceeds from the facility are intended to fund image capture, equipment acquisition, ongoing research and development, as well as working capital. The transaction is subject to the negotiation and execution of final loan and security documents. The loan documentation process has commenced and a definitive credit agreement is expected to close on or before January 15, 2012. Complete details of the transaction will be disclosed at loan closing.

This entry was posted on Wednesday, December 21st, 2011 at 5:58 am and is filed under Business News, National News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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