TCA Closes $5MM MyECheck Credit Line
MyECheck announced it secured a $5 million line of credit from TCA Fund Management Group, a U.S.-based investment management company.
Terms of the agreement are that MyECheck will initially draw down approximately $550,000; will pay approximately $60,000 in fees in cash; issue approximately 3.8 MM shares and establish a share reserve fund (to be determined) to TCA and its associates.
“We are very pleased that TCA, through an extensive due diligence process, has partnered with us on this credit facility, said Ed Starrs, chairman and chief executive officer of MyECheck. “We look forward to working with them and expanding our business plan with this available capital.”
MyECheck is an electronic payment technology developer, licensor and payment services provider.