FirstWave Cloud Technology (ASX:FCT) has finalised a $2.5 million loan facility with global credit investor Partners for Growth VII, strengthening its capital position following a recent $2.9 million equity raise.
The facility, drawn down on Dec. 16, features six months of interest-only payments followed by 30 equal monthly principal and interest repayments at a fixed 12.5% annual interest rate.
It includes a one-time commitment fee of $75,000 and is secured by a senior lien over all company assets.
As part of the arrangement, PFG has been granted a five-year call option to subscribe for up to $750,000 in ordinary shares, with a potential cashless exercise, while a put option requiring shareholder approval allows PFG to sell the warrant back to the company under specific conditions.