Extension to revolving loan facility agreed for listed communications business
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Mobile Tornado, which provides instant communication mobile solutions, has today extended its Revolving Loan Facility agreement with InTechnology Plc.
The Facility Agreement was due to expire on 26 September 2021 and has been extended for a further 12 months until 26 September 2022. All other terms of the Facility Agreement remain unchanged, as follows:
· It is a revolving loan facility of up to a maximum principal amount of £300,000.
· Any amounts drawn down by the company pursuant to the Facility Agreement will bear interest at a rate of 10% per annum.
· The Facility Agreement allows for monies to be drawn down, repaid and redrawn again in any manner and any number of times by the company until the agreement expires.
· At the expiration date of the Facility Agreement, all monies shall be repayable by the company to InTechnology together with any accrued interest thereon.
Currently, the amount drawn under the Facility Agreement is zero.
The additional capital will continue to support the financing of Mobile Tornado’s sales pipeline under the Capex Model, where the company is required to fund the hardware prior to placement with the end customer.