ProntoForms agrees to new $4 million facility with BDC Capital Inc.
August 31, 2016
ProntoForms, an Ottawa-based mobile workflow platform provider, has entered into a new financing deal with BDC Capital.
In the deal, BDC Capital, a subsidiary of the Business Development Bank of Canada, will lend ProntoForms up to $4 million in a five-year secured term credit facility bearing interest at a fixed rate of 7 percent a year.
ProntoForms said the first disbursement of $2 million is expected to be received within this fiscal quarter. BDC Capital is entitled to receive warrants which entitle it to acquire up to 4,350,000 common shares of ProntoForms at a price per share of $0.45.
Read the press release from ProntoForms here or the Ottawa Business Journal article here.
LaBarge Weinstein’s Shane McLean acted as counsel to ProntoForms.
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