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Tribe Property Technologies Announces Acquisition Facility of up to $15 Million to further expand its M&A activities with Canadian Schedule A Bank
Tribe Property Technologies Announces Acquisition Facility of up to $15 Million to further expand...
About this update from Tribe Property Technologies Inc
[{"type":"text","content":"\n \n \n \n Tribe Property Technologies Announces Acquisition Facility of up to $15 Million to further expand its M&A activities with Canadian Schedule A Bank\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 Tribe Property Technologies Announces Acquisition Facility of up to $15 Million to further expand its M&A activities with Canadian Schedule A Bank\n \n \n Canada NewsWire\n \n \n \n \n \n Signed definitive agreement with the Technology and Innovation Banking arm of a Canadian Schedule A Bank provides a senior term and acquisition facility loan for up to\n \n $15 million\n \n .\n \n \n Proceeds from the Facility are expected to accelerate the Company's growth through M&A activity and support Tribe's future operating efficiencies.\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Oct. 12, 2023\n \n \n /CNW/ -\n \n Tribe Property Technologies Inc.\n \n (TSXV:TRBE) (OTCQB US: TRPTF) (\"\n \n Tribe\n \n \" or the \"\n \n Company\n \n \"), a leading provider of technology-enabled property management solutions, is pleased to announce that it has signed a definitive loan agreement (the \"\n \n Loan Agreement\n \n \") with the Technology and Innovation Banking arm of a Canadian Schedule A Bank, that provides a senior term loan facility (the \"\n \n Facility\n \n \") for up to\n \n $15 million\n \n . The Facility consists of a\n \n $3 million\n \n operating line to support the Company's working capital requirements and an M&A facility of\n \n $7 million\n \n with an additional accordion feature of\n \n $5 million\n \n , for a total of up to\n \n $15 million\n \n of non-dilutive capital. The definitive agreement was signed on\n \n Thursday, October 5, 2023\n \n with an interest rate of prime + 2.65% per annum for both facilities.\n \n \n \n \n \n \n \n \n \n \"We are thrilled to announce this significant milestone for Tribe which further strengthens our commitment to strategic growth and financial stability,\" said\n \n Joseph Nakhla\n \n , CEO of Tribe. \"Executing this financing facility is an essential piece of our M&A growth strategy as it provide...