Mosaic Capital Corporation Signs Agreement with ATB Corporate Financial Services for $25,000,000 Acquisition Facility
Calgary, Alberta (FSCwire) - Mosaic Capital Corporation ("Mosaic") (TSX-V Symbols: M and M.PR.A) is pleased to announce that it has signed an agreement with ATB Corporate Financial Services ("ATB") to provide $25 million in credit facilities to Mosaic (the "Facility"). ATB is a progressive leader in financial services and the largest Alberta-based financial institution. The Facility is comprised of a $25 million dollar revolving committed operating loan for the purposes of acquisitions, refinancing existing credit facilities, day to day operating requirements and capital expenditures. The Facility is for a 3 year term, bearing interest at rates ranging from prime plus 0.50% - 1.25%. The Facility is secured by among other things, a general security agreement and the assignment of securities that Mosaic holds in certain subsidiaries.
"This credit facility will increase the flexibility of Mosaic in making acquisitions while maintaining our strong balance sheet," commented John Mackay, Executive Chairman and CEO. Mr. Mackay added "As Mosaic continues to grow we want to ensure that we have the resources in place to execute on opportunities efficiently."
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses that have a history of generating strong sustainable cash flow from their operations. Mosaic's objective is to create long term value for our shareholders and business partners and to have that reflected in our share price. We believe that this is achieved by growing free cash flow per share and retained earnings. We do this by acquiring businesses that we understand at attractive prices and we manage our risk through extensive due diligence, creative transaction structuring and working closely with our businesses after acquisition.
ABOUT ATB FINANCIAL
ATB Financial is the largest Alberta-based financial institution, with assets of over $33 billion. ATB provides retail, business and agri-business, and investment solutions through 171 branches and 130 agencies to over 650,000 customers. Through its ATB Corporate Financial Services division, ATB offers a wide range of custom-built solutions from capital, cash management and financial markets to commercial and corporate business operating in industries critical to the Alberta economy including the energy, real estate, food & forestry and diversified sectors. ATB Financial also has a strategic alliance with AltaCorp Capital Inc. an institutional financial advisory firm offering a full spectrum of value-added financial and advisory services to corporations in varied stages of development.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Taylor
Vice President
Mosaic Capital Corporation
400, 2424 – 4th Street SW
Calgary, AB T2S 2T4
T: (403) 270-4658
E: ttaylor@mosaiccapitalcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/mosaic05202014.pdf
Source: Mosaic Capital Corporation (TSX Venture:M) http://www.mosaiccapitalcorp.com/
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