Solar tracker systems supplier OPEL Technologies has announced it has entered into a credit agreement for a revolving credit facility of up to US$5,000,000 with TCA Global Credit Master Fund on an “as needed basis”. This will involve an initial withdrawl of US$850,000. This credit arrangement will replace the line of credit with Silicon Valley Bank acquired in November 2011.
OPEL will pay a fee to TCA for investment banking services, issuing shares equalling US$150,000 for a total of 500,000 shares. These shares are subject to a four month hold period, expiring on August 10, 2012. The TSX Venture Exchange has accepted OPEL’s filing of this transaction.