Press Releases
YANGAROO ANNOUNCES CREDIT FACILITY
TORONTO, CANADA December 14, 2015 – YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry’s leading secure digital media management and distribution company (the “Company”) announces that the Company has entered into a Credit Facility Agreement (the “Agreement”) with Espresso Capital Investment Fund IV Limited Partnership (“Espresso”), whereby Espresso will provide the Company with a revolving credit facility (the “Credit Facility”) of up to the lesser of $500,000 and the Authorized Credit Amount (as defined in the Agreement).
The Credit Facility may be drawn down in one or more tranches in the Company’s discretion subject to a minimum amount to be drawn on or before the January 31st, 2016.
The Credit Facility will be used, if necessary, to fund working capital requirements. “The Credit Facility provides YANGAROO access to non-dilutive financing. Other than the minimum draw, the remaining facility is available on an as required basis,” said Gary Moss, President and CEO.
Amounts drawn down under the Credit Facility will bear interest at the rate of 1.5% per month from the date of each advance, with a minimum interest amount payable with respect to each advance. Further, a fee for each advance will be payable to Espresso. Subject to early termination, the Credit Facility will mature on December 31st, 2017.
A general security agreement (the “GSA”) will be issued by the Company in favour of Espresso to secure the Credit Facility. For further details on the terms of the Credit Facility, please refer to the Agreement and the GSA, which are both available for review on SEDAR (SEDAR.com).
About YANGAROO
YANGAROO is a company dedicated to digital media management. YANGAROO’s patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America’s major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.