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| Home : Innovative Composites International Announces $1.5 Million Line of Credit and Incentive Stock Option Grants |
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Nov 08
2013 |
Innovative Composites International Announces $1.5 Million Line of Credit and Incentive Stock Option Grants |
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TORONTO, ONTARIO--(Marketwired - Nov. 8, 2013) - Innovative Composites International Inc. (CNSX:IC)(OTCQX:ICIZF) ("ICI", or the "Company") is pleased to announce that it has closed on its previously announced line of credit financing with mBank of Michigan in the amount of $1.5 million. Draws on the line will be governed by a borrowing based formula tied to accounts receivable and raw materials inventory. Draws on the line extending above $750,000 being permitted only after ICI meets certain performance benchmarks. The line of credit is secured by a pledge of accounts receivable, inventory and cash. Proceeds from the line will be used to assist the Company in fulfilling its sales orders, and for general working capital purposes. The support of both the MEDC (Michigan Economic Development Corp) and the MSF (Michigan Strategic Fund) through their Collateral Support Program has been instrumental in supporting this financing. |
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| Source:http://www.marketwired.com/mw/release.do?id=1850200&sourceType=3 |
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