Flyht Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) has amended its operating demand loan (the “Line of Credit”) with a Canadian chartered bank to increase its borrowing availability to CAD 1.5 million from USD 250,000, the company said.
Proceeds from the Line of Credit will be used to support short-term cash needs from increasing trade receivables and inventory requirements from growing sales.
The Line of Credit will continue to bear interest at Canadian chartered bank prime plus 1.5%.
Security includes specific accounts receivable, a guarantee under the Export Development Canada´s (EDC) Export Guarantee Fund and a general security agreement including a security interest in all personal property.
This amendment will release the GIC of USD 250,000 previously pledged as security.
Flyht is a provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems to increase safety, improve operational efficiencies and enhance profitability.