Mississauga, Ontario (FSCwire) - Armada Data Corporation (TSX.V: ARD) (the “Company” or “Armada”) is pleased to announce that it has entered into a loan agreement with a corporation that is owned and controlled by a Director and Officer of the Company.
The total amount of the loan (the “Loan”) of $200,000 has been advanced to the Company. As security for the Loan, a general security agreement was entered into with the lender and a promissory note was executed. The Loan bears interest at twelve percent (12%) per annum calculated and payable monthly. Interest will be payable monthly and the maturity date of the Loan is February 29, 2016. This same lender has also previously advanced $100,000 to the Company, as disclosed in a press release dated December 5, 2014.
The Loan, together with the previous $100,000 advance, is intended to replace the Company’s $350,000 credit facility with its bank (the “Bank Facility”). The Bank Facility was called and has been fully repaid by the Company using a portion of the Loan proceeds.
The Company intends to use the balance of the proceeds from the Loan for working capital and general corporate purposes, and intends to service and repay the Loan from operating cash flows.
The Company will continue to work to obtain alternate financing on a permanent basis.
About Armada Data Corporation
Armada is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada shares are listed on the TSX Venture Exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
For further information, please contact:
Armada Data Corporation
Mr. James Matthews, Chief Executive Officer
Email: investors@armadadata.com
This news release may contain forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are based on estimates and assumptions made by Armada in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Armada believes are appropriate. Many factors could cause the actual results to differ materially from those expressed or implied by the forward-looking statements. The intended use of the net proceeds of the loan by Armada may change if the board of directors of Armada determines that it would be in the best interests of Armada to deploy the proceeds for some other purpose. Readers should not place undue reliance on Armada’s forward-looking statements. Armada undertakes no obligation to update or revise any forward-looking information, except as required by law.
Neither 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 release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArmadaFeb272015.pdfSource: Armada Data Corporation (TSX Venture:ARD) http://www.armadadatacorp.ca
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