SAN FRANCISCO, CALIFORNIA--(Marketwired - March 28, 2017) - Noble Iron Inc. ("Noble Iron," or "the Company") (TSX VENTURE:NIR) announced a $3 million loan facility, of which $2 million has been committed, to fund working capital and growth initiatives. The loan has a term of one year and is secured by assets of the Company. Terms of the financing include an annual interest rate of 15%, paid quarterly, with no principal payments due until maturity, and an early exit fee in the amount of 12% if the loan is repaid within six months and 10% if paid back beyond six months. Related parties participated for $1.5 million of the committed proceeds.
About Noble Iron Inc. (NIR: TSX Venture Exchange)
Noble Iron Inc. is a technology company that offers on-demand construction equipment, and software applications to equipment owners and users to manage their equipment's lifecycle. The company operates in equipment rental, equipment sales, and software for construction and industrial equipment users and owners.
Noble Iron Inc.'s equipment rental and dealership operations do business under the name, "Noble Iron", and currently serve customers in California. Noble Iron offers construction and industrial equipment and accessories for rent and for sale.
Noble Iron Inc.'s software segment operates under the name, "Texada Software". Texada offers cloud or client-based software applications for equipment rental companies, equipment dealerships, construction companies, general contractors, and any construction or industrial equipment user, including mechanics, and logistics and service technicians. Texada Software's applications manage the entire equipment lifecycle, including equipment purchasing; rental & sales transactions; inventory location, utilization, maintenance and depreciation tracking; used equipment sales and disposals analysis; and inventory replenishment analysis. Texada's software applications include, SRM (Systematic Rental Management), FleetLogic, Insight and Gateway.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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