Main Points About Credit Deal - January 3, 2017.
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Posted On: 01/03/2017 9:07:43 AM
Main Points About Credit Deal - January 3, 2017.
Formally closed on a $7.5 million revolving credit facility with TCA Global Credit Master Fund, LP.
$BETS is drawing down an initial tranche of $500,000 immediately and upon consent of the lender may draw down additional amounts on the same terms.
Access to additional funds are dependent on the Company's continued financial performance and subject to review by the lender on an ongoing basis.
No additional funds will be available for a minimum of 90 days.
Access to the credit facility for an acquisition is also subject to the lender's review of the potential acquisition target.
A percentage of each month's gross profit will be used to reduce the outstanding loan amount.
Use 20% of the draw down of the LOC for the retirement of outstanding convertible debt.
Remaining proceeds to fund its growth plans previously announced to shareholders.
CEO: "We worked hard through the holidays to get this closed in 2016 and we are pleased to be able to begin 2017 with this funding in place. We feel it will have an immediate positive impact on our business."
Formally closed on a $7.5 million revolving credit facility with TCA Global Credit Master Fund, LP.
$BETS is drawing down an initial tranche of $500,000 immediately and upon consent of the lender may draw down additional amounts on the same terms.
Access to additional funds are dependent on the Company's continued financial performance and subject to review by the lender on an ongoing basis.
No additional funds will be available for a minimum of 90 days.
Access to the credit facility for an acquisition is also subject to the lender's review of the potential acquisition target.
A percentage of each month's gross profit will be used to reduce the outstanding loan amount.
Use 20% of the draw down of the LOC for the retirement of outstanding convertible debt.
Remaining proceeds to fund its growth plans previously announced to shareholders.
CEO: "We worked hard through the holidays to get this closed in 2016 and we are pleased to be able to begin 2017 with this funding in place. We feel it will have an immediate positive impact on our business."
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