SeanieMac Closes On Credit Facility From TCA Global Credit Master Fund, LP
January 03 2017 - 8:08AM
InvestorsHub NewsWire
DUBLIN, IRELAND--(NewMediaWire - Jan 3, 2017) - SeanieMac
International LTD (OTC PINK: BETS) announced that it has formally closed on
a $7.5 million revolving credit facility with TCA Global Credit Master Fund, LP. The
Company is drawing down an initial tranche of $500,000 immediately
and upon consent of the lender may draw down additional amounts on
the same terms.
Access to additional funds are dependent on the Company's
continued financial performance and subject to review by the lender
on an ongoing basis. No additional funds will be available for a
minimum of 90 days. Access to the credit facility for an
acquisition is also subject to the lender's review of the potential
acquisition target. A percentage of each month's gross profit will
be used to reduce the outstanding loan amount.
The Company received permission from the lender to use 20% of
the draw down of the LOC for the retirement of outstanding
convertible debt.
The Company will use the remaining proceeds to fund its growth
plans previously announced to shareholders.
Shane O'Driscoll said, "We worked hard through the holidays to
get this closed in 2016 and we are pleased to be able to begin 2017
with this funding in place. We feel it will have an immediate
positive impact on our business."
About SeanieMac
SeanieMac Limited is an Irish gaming company. It owns and
operates www.SeanieMac.com, an online sports and casino
wagering web-based platform serving gamblers directly under the
brand name SeanieMac.com.
Safe Harbor Statement
This news release contains forward-looking statements that
involve risks, uncertainties and assumptions. If such risks or
uncertainties materialize or such assumptions prove incorrect, the
results of SeanieMac International, Ltd. and its consolidated
subsidiaries could differ materially from those expressed or
implied by such forward-looking statements and assumptions. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including but not
limited to statements regarding our expectations regarding amounts
staked and gross profits and our marketing initiatives. Such risks
and uncertainties include, among other things, the uncertainty
regarding consumer preferences, a decline in the popularity of our
website and competition in the online gambling industry. SeanieMac
assumes no obligation and does not intend to update these
forward-looking statements.
A further description of risks and uncertainties can be found in
SeanieMac International, Ltd.'s Annual Report on Form 10-K for the
fiscal year ended December 31, 2015 and in its reports on Form 10-Q
and Form 8-K.