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| Home : iFabric Corp. Increases Borrowings to Fund Its Expansion |
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Feb 28
2017 |
iFabric Corp. Increases Borrowings to Fund Its Expansion |
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MARKHAM, ONTARIO--(Marketwired - Feb. 27, 2017) - iFabric Corp. (TSX:IFA), hereinafter referred to as "iFabric" or the "Company", today announced that its subsidiary companies, Coconut Grove Pads Inc., Intelligent Fabric Technologies (North America) Inc. and 2074160 Ontario Inc., have entered into agreement with the Bank of Montreal ("BMO") for the provision of certain debt facilities. The facility with 2074160 Ontario Inc. is a secured $1.75 million facility, $1.415 million of which will be used to repay the indebtedness owing to the Business Development Bank of Canada and the remainder of which will be used for working capital. The facility with Coconut Grove Pads Inc. and Intelligent Fabric Technologies (North America) Inc. is a secured $3.5 million facility that will be used to fund the day to day expenses of the Company. |
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| Source:http://www.marketwired.com/mw/release.do?id=2198725&sourceType=3 |
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