McCoy Global Secures New Credit Facility and Refinances Promissory Note

McCoy Global Inc. ("McCoy", "McCoy Global" or "the Corporation") (TSX: MCB) today announced it has secured a new US$2.5 million revolving demand facility with a Canadian chartered bank to support working capital. The facility is subject to customary disbursement conditions including the satisfactory placement of a general security agreement over the Corporation's assets and final review by Export Development Canada under its Export Guarantee Program. The Corporation has also successfully refinanced its existing US$2.4 million promissory note with a US$3.4 million term facility to extend maturity and support McCoy Global's 2020 technology development program.

"Securing these facilities has lowered our overall financing costs, extended maturity dates and enables us to continue to progress the development of new digital technology solutions despite the impact COVID-19 has had on our business and cashflows," said Jim Rakievich, McCoy Global President & CEO.

The US$2.5 million revolving demand facility bears interest at Prime Rate plus 1.35% per annum and will be secured by a general security agreement and assignment of US$0.63 million of term deposits. Subject to final review, the demand facility will be guaranteed by Export Development Canada under its Export Guarantee Program and is subject to customary conditions.

The Corporation's US$3.4 million term facility bears interest at US Prime Rate plus 4.95% per annum and is repayable in eight equal quarterly instalments beginning on December 6, 2022. The facility is subject to customary conditions and is secured by certain assets of the Corporation and its subsidiaries, including certain real estate in Cedar Park, Texas. Under the terms of the agreement, the Corporation is subject to a financial covenant minimum fixed charge coverage ratio of 1:1 for the year ending December 31, 2021; and 1.25:1 for years ending thereafter. At closing, US$2.4 million was drawn against the new facility to repay in full the Corporation's USD$2.4 million promissory note that was secured by certain of its US real estate assets. The former promissory note was repayable on or before October 1, 2021 without penalty and bore interest at the greater of US Prime Rate plus 7.00% or 12.25% per annum.

About McCoy Global Inc.

McCoy Global provides technologies designed to support wellbore integrity and assist with collecting critical data for the global energy industry. The Corporation operates internationally through direct sales and distributors with operations in Canada, the United States of America and the United Arab Emirates. McCoy's corporate headquarters are located in Edmonton, Alberta, Canada. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol "MCB".