Enssolutions Group entered into a short term secured loan agreement with Hermelin Bridge, a New York-based working capital financing company. Hermelin advanced the company a $100,000 non-revolving term loan bearing an interest rate of 12% per annum.
The proceeds of the loan will be used for ongoing working capital requirements. The loan has a 60-day term, subject to acceleration in certain events, and is secured by a general security agreement over the assets of the company and its subsidiaries. As consideration for entering into the agreement, Enssolutions paid Hermelin a loan establishment fee of 6% of the principal amount of the bridge loan.
Enssolutions manufactures, distributes and applies environmentally responsible products to a wide variety of industries. Its products include solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing.
