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ProntoForms Announces $6 Million Revolving Credit Facility and Warrant Proceeds of $1.96 Million
November 2, 2020
ProntoForms Corporation (“ProntoForms” or the “Company”) (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today that it has entered a revolving credit facility with Toronto-Dominion Bank (“TD”) for an amount of up to CAD $6 million with a 2-year commitment renewable annually. The facility was partially used to settle the Company’s obligations to BDC Capital Inc. ("BDCC"), a wholly owned subsidiary of the Business Development Bank of Canada.
Also, on October 29, 2020, warrants to purchase 4,350,000 common shares of the company were exercised for proceeds of CAD $1,957,500.
“We are pleased to have secured a new senior credit facility with TD. This new arrangement reflects the value that has been built in our growing—and increasingly enterprise—recurring revenue base. This facility provides access to lower cost capital to settle our existing obligations of approximately CAD $4.2 million to BDCC and additional capacity for general use if needed. BDCC has been with us since our early stages and we appreciate their support over the last 8 years. We look forward to working with TD as we approach our next stage of growth,” commented Dave Croucher, Chief Financial Officer of ProntoForms.
About ProntoForms Corporation
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company's solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.
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.
For additional information, please contact:
Chief Executive Officer
613.599.8288 ext. 1111
Virtus Advisory Group Inc.
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