DUBLIN, IRELAND--(Marketwired - 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."
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.