Wishpond Technologies Ltd. (TSXV: WISH) reported this morning that it has entered into a new credit facility agreement with the National Bank of Canada’s Technology and Innovation Banking Group. The credit agreement will provide the marketing firm a $6 million secured revolving operating line.
“The credit facility will provide us with an efficient way to optimize our working capital and the ability to retain our flexibility should we need to use proceeds for general corporate purposes or support future acquisitions,” said Wishpond CFO Juan Leal.
The revolving credit is secured against the company’s assets pursuant to the agreement. The firm relayed that the facility will be intended for funding working capital requirements.
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The company also said that it is “in a strong position to execute…future expansion and acquisition plans” having over $7.5 million in cash position and no outstanding debt.
Wishpond Technologies last traded at $1.27 on the TSX Venture.
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