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| Home : OPEL Technologies Inc. Arranges $5,000,000 Revolving Credit Facility |
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Apr 09
2012 |
OPEL Technologies Inc. Arranges $5,000,000 Revolving Credit Facility |
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SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - April 9, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL), OPEL Solar Inc. and ODIS Inc. (collectively "OPEL" or "the Company"), a leading global supplier of solar tracker systems and other solar related products, and a semiconductor device and process developer, wishes to announce that it has entered into a credit agreement for a revolving credit facility of up to $5,000,000 with TCA Global Credit Master Fund, LP (the "Lender"). Funds will be made available to the Company on an "as needed basis" on normal commercial terms and will involve an initial draw down of $850,000. The Company delivered a revolving note and a security agreement (collectively, the "Loan Documents"). The Loan Documents create a valid security interest in any Collateral in which the Corporation has rights, and any Collateral in which the Corporation hereafter acquires rights, to secure payment and performance of the obligations of the Company. This credit arrangement will replace the line of credit with Silicon Valley Bank announced on November 28, 2011. |
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| Source:http://www.marketwire.com/mw/release.do?id=1641581&sourceType=3 |
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