Martello Shares Perk on Loan News
Ottawa-based Martello Technologies Group Inc. (TSX-Venture:MTLO) was continuing to herald financing news dating back to Friday.
The company, a leading provider of network performance management solutions for real-time communications announced today that it has closed a financing with Royal Bank of Canada (RBC) for new loan facilities. The financing includes a term loan of $3 million, in conjunction with the acquisition of Savision B.V.
The funds consist of a term loan, a revolving facility and other ancillary facilities. The term loan of $3 million bears an interest rate of 5.4% per annum over 36 months. The revolving facility, in the amount of up to $1 million, bears a variable interest rate based on the RBC prime rate and is repayable on demand.
CEO John Proctor said, “This loan facility from Royal Bank of Canada will solidify our foundation for growth and help fuel Martello’s ‘build and buy’ strategy, which includes the acquisition of Savision.”
The company acquired Savision B.V. announced in October 2018, after having acquired Elfiq Networks in December 2017 and Netvitesse in 2014.
Shares took on two cents, or 5.6%, by noon on Monday, to 38 cents, on a volume of nearly 52,000 shares.