EnWave signed a revolving credit facility agreement with Desjardins Tech & Innovation Banking of the Desjardins Group, a financial cooperative in North America. The amount available to the company under the facility is calculated as the lesser of $5 million and a function of royalties, receivables and inventory._x000D_
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Additionally, the company signed a $500,000 loan agreement with Desjardins with an amortization period of 48 months. The term loan is to be repaid monthly on equal and consecutive payments of principal plus interest. The credit facility and term loan are secured by the company’s assets and subject to the company maintaining an ongoing minimum liquidity position._x000D_
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The credit facility and term loan provide the company with non-dilutive financing, as needed, to execute an enhanced and intensified sales strategy.
Forward for Specialty Finance
