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Monday, January 26, 2015 8:58:18 PM
Did-you-see-what-BETS.0035-chart--did-today?-RECORD-Volume!-Why?
SeanieMac International, Ltd. (OTCQB: BETS) announced that it signed an agreement for a credit facility of $5 million dollars . The credit facility can be repaid in shares but only at the direction of the Company and only at prices approved by the Company and when directed by the Company at 90 percent of market value at the time of conversion. There is no fee to start the line, no open ended conversion feature and no "toxic" feature whereby the lender can continue to convert at lower and lower prices. The Company and the lender have estimated the average conversion price for the entire facility at 6.25 cents for the purposes of regulatory filings.
Shane O'Driscoll CEO, "We have no intention of using the full credit facility at this time as we believe we only need a small portion of the credit line (300-500k) to substantially increase the size of our business. The growth of our customers and revenue is the only reason to set this financing up.We do think that having the credit facility in place over the next 1-2 years will allow us to not only organically grow the business but to focus on strategic acquisitions of other sportbooks. As one of the top 100 online gaming sites we believe there are numerous players that would be attractive acquisition candidates by SeanieMac.
As part of the agreement the lender has already advanced over $100,000 dollars to the Company. The company is looking for additional short term financing with a payback window of 6 months that it can access while this credit facility is filed with the regulatory authorities. Our intention would be to use this credit facility tor repay those loans before the maturity date. These short term instruments will allow the company to begin accelerated marketing efforts. We will announce those financings when and if they are agreed to.
SeanieMac International, Ltd. (OTCQB: BETS) announced that it signed an agreement for a credit facility of $5 million dollars . The credit facility can be repaid in shares but only at the direction of the Company and only at prices approved by the Company and when directed by the Company at 90 percent of market value at the time of conversion. There is no fee to start the line, no open ended conversion feature and no "toxic" feature whereby the lender can continue to convert at lower and lower prices. The Company and the lender have estimated the average conversion price for the entire facility at 6.25 cents for the purposes of regulatory filings.
Shane O'Driscoll CEO, "We have no intention of using the full credit facility at this time as we believe we only need a small portion of the credit line (300-500k) to substantially increase the size of our business. The growth of our customers and revenue is the only reason to set this financing up.We do think that having the credit facility in place over the next 1-2 years will allow us to not only organically grow the business but to focus on strategic acquisitions of other sportbooks. As one of the top 100 online gaming sites we believe there are numerous players that would be attractive acquisition candidates by SeanieMac.
As part of the agreement the lender has already advanced over $100,000 dollars to the Company. The company is looking for additional short term financing with a payback window of 6 months that it can access while this credit facility is filed with the regulatory authorities. Our intention would be to use this credit facility tor repay those loans before the maturity date. These short term instruments will allow the company to begin accelerated marketing efforts. We will announce those financings when and if they are agreed to.
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