[1]Visual and data intelligence company iLOOKABOUT Corp. [1] has announced the signing of a commitment letter with BDC Capital Inc, a wholly- owned subsidiary of Business Development Bank of Canada [2] for a $2 million four-year secured term credit facility. The facility provides for the distribution of the financing in stages, subject to the Company meeting specified performance milestones.
Jeff Young, President and Chief Executive Officer of iLOOKABOUT, said, “We are pleased to have obtained this commitment from the BDC, the funds of which are anticipated to support revenue growth and enhance shareholder value.”
Proceeds from the facility are intended to fund image capture, equipment acquisition, ongoing research and development, as well as working capital. The transaction is subject to the negotiation and execution of final loan and security documents. The loan documentation process has commenced and a definitive credit agreement is expected to close on or before January 15, 2012. Complete details of the transaction will be disclosed at loan closing.