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Article: Braintech Inc. Closes $3 Million Financing with Silicon Valley Bank.
- Article from:
- Business Wire
- Article date:
- November 10, 2009
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MCLEAN, Va. -- Braintech Inc. (OTC BB: BRHI) has closed a $3 million loan facility with Silicon Valley Bank, Chief Executive Officer Rick Weidinger announced today. The loan facility consists of a $2.2 million term loan and an $800,000 working capital loan facility.
Braintech will draw down $1.55 million of the loan to lower its borrowing cost and fully pay its debt to its letter of credit providers and to provide working capital for the Company to operate and continue developing its world-class Vision Guided Robotics technology. The new loan facility will be interest only for 18 months from closing and will then convert to an 18-month principal-and-interest term ...