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OTTAWA, ONTARIO--(Marketwire - Nov. 27, 2012) - TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or the "Company"), a mobile data solutions company, today announced that it has entered into a commitment letter with BDC Capital Inc. ("BDCC"), a wholly-owned subsidiary of Business Development Bank of Canada, for a $1 million five-year secured term credit facility bearing interest at a fixed rate of 8.5% per year. The credit facility provides for the disbursement of funds in stages, subject to the Company achieving specific milestones. In addition, the commitment letter contemplates that BDCC is entitled to receive: (i) post-year-end annual royalty payments commencing for the 2015 fiscal year until maturity, such royalties to be based on the Company's consolidated annual gross sales; and (ii) a bonus payment upon the occurrence of certain change of control events. |
