Denko Group today announced the closing of a $12.7 million financing package, including a revolving line of credit and additional equity invested by three funds affiliated with Denko Group.
As a result of the new financing, Denko Group's obligation to its former lender has been fully satisfied.
The remaining working capital provided by the transaction will be utilized to fund future business plans and operating requirements.
The credit agreement provides a revolving line of credit up to $12.2 million for one year and is secured by substantially all of the Companyâ€˜s assets, principally receivables and securities inventory.
In a concurrent transaction, three funds affiliated with Denko Group provided the Company with $9,400,000 through a share purchase at the closing price on the date the transaction was approved.
Denko Group is a private equity firm dedicated to providing superior returns on capital. They seek high net return opportunities in all sectors, from high-growth technology and life science companies to recommending competitors funds, while achieving superior returns for investors. They bring together the financial and intellectual capital necessary to create a sharp edge that is focused solely on investorâ€˜s confident assurances of outstanding performance. For more information on the Denko Group please visit their website at denkogroup.com.
You should not do, or refrain from doing, anything based on the information provided in this release without first obtaining professional advice from your financial advisor. Denko Group believes the information in this release is correct, and it has reasonable grounds for any opinion or recommendation found within, as at the date the relevant part of this release was last updated. However, Denko Group and its directors, employees and agents are not liable for any loss or damage incurred by any person as a result of any error in any information, opinion or recommendation in this release. Nothing in this release is, or should be taken as, an offer, invitation or recommendation to buy or sell any investment in or make any deposit with Denko Group or any other person.