EnWave Corp (TSX-V:ENW, OTC:NWVCF), a global leader in the application of vacuum microwave dehydration, announced a new revolving credit facility Desjardins Tech & Innovation Banking, a division of Desjardins Group.
The facility allows the company to borrow up to $5 million, calculated based on a formula tied to royalties, receivables, and inventory.
This facility provides EnWave with flexible, non-dilutive financing to support the execution of an intensified sales strategy, the company highlighted.
In addition to the credit facility, EnWave has signed a $500,000 term loan with Desjardins, structured with a 48-month amortization period.
The loan will be repaid in equal monthly installments of principal plus interest.
Both the credit facility and term loan are secured by the company’s assets and are subject to EnWave maintaining a minimum liquidity position.