TORONTO, Dec. 17 /CNW/ - Multimedia Nova Corporation (TSXV: MNC.A)
("Multimedia") announced today that it has completed two financing
Multimedia completed a financing transaction with a Toronto based
institutional lender, which comprises of a $3,075,000 reducing demand
loan and a $1,000,000 demand revolving loan for a total financing
facility not to exceed $4,075,000, which matures on January 31, 2012.
The reducing demand loan has scheduled principal repayments of
$1,000,000 are due on each of January 31, 2011 and 2012. The demand
revolving loan can fluctuate over the term of the facility subject to
availability under the Borrowing Base Certificate, which is based on
accounts receivables of Multimedia. This combined facility is secured
by a general security agreement over all assets of the company and a
third mortgage on the land and building owed by Multimedia.
In addition, Multimedia completed a $975,000 second mortgage, secured by
a second mortgage over the land and building owned by Multimedia. This
mortgage matures on February 5, 2012.
The proceeds of these two financings were used to repay existing debt
and for working capital purposes. The original loan from a US based
lender of US $4,000,000.00 has now been fully repaid and replaced with
a Canadian lender.
This press release shall not constitute an offer to sell or solicitation
of an offer to buy securities in any jurisdiction. The Class A
Subordinated Voting Shares will not be and have not been registered
under the United States Securities Act of 1933 and may not be offered
or sold in the United States absent an applicable exemption from the
The TSXV has neither approved nor disapproved of the contents of this
press release and it does not accept responsibility for the adequacy or
accuracy of the contents hereof.
SOURCE MULTIMEDIA NOVA CORPORATION
For further information: For further information:
Ms. Lori Abittan, President and Chief Executive Officer or Mr. Joe Mastrogiacomo, Chief Financial Officer at (416) 785-4300, fax (416) 785-4303