TSXV:MRS.H - Post by User
Comment by
Expos44on Sep 17, 2020 8:12am
189 Views
Post# 31573104
RE:RE:RE:Two issues: Margins and Finance costs?
RE:RE:RE:Two issues: Margins and Finance costs?Apologies, the info around financing did not stick to my post....here is what I had intended to include....
Mission Ready is pleased to announce that its wholly-owned subsidiary, Unifire, Inc. (Unifire), has entered into an accounts receivable (AR) financing agreement (the AR Agreement) with Crestmark, a division of MetaBank, N.A. (Crestmark). Crestmark is the commercial lending division of a large bank headquartered in Sioux Falls, SD. Crestmark will advance up to USD $8,000,000 to Unifire, utilizing an advance formula of 90% of the face value of invoices outstanding. The AR Agreement will be secured by the assets of Unifire, including a first-ranking security interest in its accounts receivable. The fees payable on funds advanced are set at 1% for the first 30-day period, and an incremental discount of 0.165% for each five-day period thereafter.