Powerband Signs Letter Of Intent For Non-Dilutive Financing
03/02/22, 7:15 AM
Location
torontoTORONTO, ON / March 2, 2022 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FSE:1ZVA) ("PowerBand", "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles is pleased to announce that the Company has received a letter of intent from a leading Canadian Financial Institution to provide funding through a line of credit and term-loan facility. The credit instruments would support a total funding commitment of CAD $4.0 million and are anticipated to carry a blended cost of capital less than 10%, with no equity dilution. The term-loan is contemplated with a 12-month interest-only period and 36-month principal amortization period thereafter
Company Info
Location
toronto, ontario, canada
Additional Info
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZTM - is being made available across North American and global markets.