Royal Bank of Canada approved credit lines for Avante Logixx which include a $10 million acquisition line to finance future acquisitions, a revolving operating line of $2 million to be used for working capital and general operating requirements and a Visa facility of $200,000 to cover operating expenses.
A formal credit agreement outlining the terms and conditions is being finalized by the bank and is expected to be signed by the company in the coming weeks.
“Today’s announcement is another significant step forward for Avante’s strategic plan,” said Craig Campbell, CEO and director of Avante Logixx. “We consider the security industry to be attractive and highly fragmented; with the support of Canada’s largest bank we have made another significant stride towards accelerating the company’s M&A activity. The facility provides us with the flexibility to enhance shareholder returns while limiting dilution.”
Avante Logixx is a Toronto-based provider of technology-enabled security solutions.
