Plurilock Security Inc. (TSX-V:PLUR) announced that its wholly-owned subsidiary, Aurora Systems Consulting Inc has obtained a revolving line of credit for up to US$2 million from Crestmark, the commercial finance division of MetaBank N.A.
The proceeds of the loan will be used by Aurora for working capital purposes, the company said..
“We are pleased to partner with Crestmark on securing this revolving line of credit for up to US$2 million,” Ian L Paterson, CEO of Plurilock said in a statement.
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“This credit facility is a shareholder-friendly financing alternative that provides us with flexibility to address our working capital needs at Aurora and enables the company to focus on its growth plans, which include strategic acquisitions and organic growth from our innovative suite of zero trust identity products.," he added.
The loan is secured against all current and future assets of the company and its subsidiaries, Plurilock Security Solutions Inc, Plurilock Security Corp, and Aurora.
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