- Netlinkz (NET) secures a $10 million loan facility to accelerate further growth
- The facility is being provided by a company owned by Non-Executive Director, Grant Booker
- Interest will be accrued daily on the outstanding principal at a rate of 6.8 per cent per annum
- The outstanding principal and outstanding interest must be paid by the maturity date of June 30, 2025
- Shares are trading 6.78 per cent higher today at 6.3 cents each
Australian software company Netlinkz (NET) has secured a $10 million loan facility to accelerate further growth.
The facility is being provided by a company owned by Non-Executive Director, Grant Booker.
Interest will be accrued daily on the outstanding principal at a rate of 6.8 per cent per annum, however, this rate may be adjusted in line with the cash rate set by the Reserve Bank of Australia.
A total of $5 million will be drawn down from the facility by the end of June. Following this date, up to $5 million can be drawn in amounts of $1 million until the end of June, 2024.
The outstanding principal and outstanding interest must be paid by the maturity date of June 30, 2025.
If this date is not met, additional interest of 3.2 per cent will be payable on top of the current interest rate until full payment is made.
“This facility provides Netlinkz with extremely competitive financing as it seeks to take advantage of opportunities arising to accelerate its growth, worldwide,” Chairman Steve Gibbs said.
“The Board is appreciative to Mr Booker, a director and shareholder in the Company for this facility and note that it reinforces the confidence the Board has in the business going forward.”
Shares were trading 6.78 per cent higher today at 6.3 cents each at 12:48 pm AEST.