VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 2, 2015) - TIMIA Capital Corp. ("TIMIA" or the "Company") (TSX VENTURE:TCA) is pleased to announce that it has closed its 2nd Royalty Financing.
The financing is for a total of $2 Million; $1 Million upon close and $1 Million in 3 months at both parties' option. In exchange for this financing, TIMIA will receive a monthly royalty on gross software license revenue until a defined maximum amount has been reached.
The investee, who wishes to remain confidential, is a Vancouver based software company with revenues in excess of $10 Million. Proceeds of the financing will be used to continue to grow sales both in North America and outside of North America.
Revenue Financing is attractive to companies that are not yet qualified for traditional bank debt but do not want to suffer the dilution and control issues associated with equity issuances. Revenue growth and high gross margins are key attributes required by applicants in order for the successful application of Revenue Financing.
About TIMIA Capital Corp.
TIMIA (pronounced "Te-MY-ah") is a revenue financing company that provides investment capital to Canadian technology companies in exchange for a royalty on revenue. This new financing option complements both debt and equity financing while allowing entrepreneurs to retain control of their own business.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD
Michael Walkinshaw, Chief Executive Officer
TIMIA Capital Corp.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's issuance of Debentures, payment of interest thereon, acceptance of the offering by the TSX Venture Exchange and the Company's use of the proceeds of the offering, including investment in RBF instruments. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.