USA & Canada - OPEL Technologies (www.opeltechinc.com), OPEL Solar (www.opelsolar.com), and ODIS (www.odisinc.com) has entered into a credit agreement for a revolving credit facility of up to $5,000,000 with TCA Global Credit Master Fund, LP (the "Lender").
Funds will be made available to the Company on an "as needed basis" on normal commercial terms and will involve an initial draw down of $850,000. The Company delivered a revolving note and a security agreement (collectively, the "Loan Documents"). The Loan Documents create a valid security interest in any Collateral in which the Corporation has rights, and any Collateral in which the Corporation hereafter acquires rights, to secure payment and performance of the obligations of the Company. This credit arrangement will replace the line of credit with Silicon Valley Bank announced on November 28, 2011.
As part compensation to the Lender, the Company will pay to the Lender a fee for investment banking services provided by the Lender to the Company prior to the Effective Date of the Loan Documents by issuing that number of common shares of the Company that equal a dollar amount of $150,000 at a deemed price of CDN$0.30 being 500,000 shares in total. These shares are subject to a four month hold period which expires on August 10, 2012. The TSX Venture Exchange today conditionally accepted for filing this transaction.