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Eddy Smart Home Solutions Ltd. Increases Working Capital Loan Facility to $3 million
Eddy Smart Home Solutions Ltd. Increases Working Capital Loan Facility to $3 million Ca...
About this update from Eddy Smart Home Solutions Ltd.
[{"type":"text","content":"\n \n \n \n Eddy Smart Home Solutions Ltd. Increases Working Capital Loan Facility to $3 million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 29, 2022\n \n \n /CNW/ - Eddy Smart Home Solutions Ltd. (\"Eddy\" or the \"Company\") (TSXV: EDY), is pleased to announce that it has increased its previously announced (on\n \n October 17, 2022\n \n ) revolving credit facility of\n \n $1.5 million\n \n with an arm's length private lender (the \"Lender\") to\n \n $3 million\n \n (the \"Facility\").\n \n \n \n \n \n \n \n \n \n This Facility bears interest at a rate of 8% (increasing to 14% upon any default) per annum and will mature in two years.  The Company has also agreed to enter into security agreements (which are subject to TSX Venture Exchange approval) providing for a first charge security against its assets for the Facility, which security is required to be put in place no later than\n \n March 31, 2022\n \n . There were no fees paid in connection with the Facility.\n \n \n The Company intends to use the net proceeds from the Financing largely for working capital purposes, to deploy its contracted revenue backlog and general corporate expenses.\n \n \n \n \n ABOUT EDDY\n \n \n \n Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more detail on the Company's products or corporate information please visit\n \n www.eddysolutions.com\n \n .\n \n \n For further information on the financial results of the Company, please review the Company's unaudited condensed consolidated interim financial statements and management's discussion and analysis of the financial condition and results of operations for the three and six months ended\n \n June 30, 2022\n \n , available on Eddy's SEDAR website at\n \n www.sedar.com\n \n .  In addition, supplemental information is available ...