Mobile Tornado extends InTechnology loan facility for another year

The AIM-traded firm said the agreement was due to expire on 26 September, and had now been extended for a further 12 months until 26 September 2022.

All other terms of the agreement remained unchanged, with it remaining a revolving loan facility of up to a maximum principal amount of £0.3m.

Any amounts drawn down by the company under the facility would bear interest at a rate of 10% per annum, with the agreement allowing for monies to be drawn down, repaid and redrawn again in any manner and any number of times by the company until expiry.

At the expiration date, all monies would be repayable by Mobile Tornado to InTechnology, together with any accrued interest.

The company said that as of Friday, the amount drawn under the facility agreement was nil.

“The additional capital would continue to support the financing of the company's sales pipeline under the capital expenditure model, where the company is required to fund the hardware prior to placement with the end customer,” the board said in its statement.