Neptune Technologies & Bioresources (NASDAQ: NEPT) signed a term loan of about C$4 million with the UK-based Bank and Clients PLC. The company indicated that under the terms and conditions, the loan could be increased to a maximum of C$10 million.
Neptune Technologies said that the four-year second rank secured term loan carries an interest rate of 12 percent per annum and included a 15-month moratorium on principal repayment. After which, the loan would be payable on a monthly basis over a 33-month period.
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The company said the proceeds from the loan would be used for working capital requirements like receivables and inventory and to support further growth.
Neptune Technologies CFO, Mario Paradis, commented, "We are pleased with the confidence shown by a commercial bank such as Bank and Clients PLC, which has facilitated the funding to support our strategic plan for the foreseeable future. This term-loan and our expected return to positive Adjusted EBITDA in Fiscal 2017 (starting on March 1, 2016) represent continued progress in our strategy to create value for shareholders."
On Wednesday, the stock was down 1.01 percent.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.