ILA Closes $3 Million Credit Facility with BMO Bank of Montreal
16 October 2019 - 12:31AM
iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”),
is pleased to announce the closing of a credit facility with Bank
of Montreal’s Technology & Innovation Banking
Group ("BMO"). The facility consists of a $1.5
million term loan (the “Term Loan”) and a $1.5
million revolving credit facility (the “Operating Facility” or
together, the "Facilities"), both of which mature in October 2022.
"The closing of these credit facilities is a
huge testament to our company, its strategy and vision. It is also
a vote of confidence in our management team and our ability to
execute on this strategy," said Gary Yeoman, Chair and Chief
Executive Officer. "As a Company we are always looking to optimize
our capital structure and reduce our cost of capital. We have
chosen not to access the public capital markets at this time
in order to avoid dilution to our shareholders.”
The Facilities are secured by assets of ILA and
its subsidiaries, which primarily consists of intellectual property
and accounts receivable. The proceeds of the Facilities will be
used for general corporate and working capital purposes.
Pursuant to the agreed upon conditions of the
Facilities, the Company has initially drawn $1.5
million of the Term Loan on closing and can continue to draw
down additional funds as required on the Operating Facility.
With respect to the Term Loan, ILA shall pay
interest only for the first twelve months of the term, and
thereafter shall amortize in equal monthly instalments over two
years. The Company may, at its discretion, repay the balance of the
Term Loan in whole or in part at any time after twenty-four (24)
months following the closing date without penalty or obligation for
future interest payments otherwise payable had the Term Loan not
been repaid.
Pricing is set at the Prime Rate plus 2.5% per
annum for the Operating Facility, and at Prime Rate plus 4.0% per
annum for the Term Loan.
The Facilities contain customary financial and
restrictive covenants.
About ILA ILA is a real estate valuation
platform with technologies that leverage the power of data designed
to address today's dynamic real estate valuation market. Our
proprietary innovative platform is driving the next-generation of
real property valuation solutions. Accurate data and property
valuations form the basis for our clients to value assets, fund
loans, securitize portfolios and to analyze and update property tax
assessments. As a fully integrated valuation technology company, we
are setting new standards in real estate valuation quality and
reliability. ILA is a brand built on innovation, execution,
accuracy, industry expertise and forward looking products and
services.
ILA’s common shares are traded on the TSX
Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact:
Gary Yeoman, CEO
gary.yeoman@ilookabout.com
416-347-7707
www.ilookabout.com
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