GM buddy! Can you imagine an otc co. paying off debt with revenues instead of shares? Dam! lol
SeanieMac International Offered $7.5 Million Secured Line of Credit Facility
Jul 20, 2016 09:20:00 (ET)
SeanieMac International Offered $7.5 Million Secured Line of Credit Facility
HUNTINGTON, NY--(Marketwired - Jul 20, 2016) - SeanieMac International, Ltd. (OTC PINK: BETS)
As part of the 2016 strategy to move to better financing terms, SeanieMac International announced that after a several week screening process that began on April 7th they had accepted a term sheet for a $7.5 million in revolving credit.
500k of this facility will be made available and drawn down right away and the balance is based on a ratio of the Company's revenues. The term sheet proposed provides that secured line is repaid with 20% of the Company's monthly revenues until retired. Closing on the facility is subject to final due diligence, legal documentation, and normal closing conditions.
SeanieMac President Shane O'Driscoll stated, "We are hoping to close the transaction by mid August to coincide with the targeted launch date of our new platform.
"The size of the line is in place to support further acquisitions if needed. We will continue to seek to improve our cost of capital as the Company continues to hit milestones. The ability to replace 100% equity lines with debt that can be repaid through revenues reflects the next step in the company's evolution."
" A rich man is not the one with the most! He is the one that needs the least!"
