19th Jan 2015 09:54
LONDON (Alliance News) - Imaginatik PLC on Monday said it has secured a USD250,000 loan from its non-executive chairman to cover short-term working capital needs.
Matt Cooper has lent the company the money on an unsecured basis, with an interest rate of 10% per year.
Cooper is lending the money to the business in order to cover short-term working capital needs pending receipt of funds from certain clients and to cover delays in closing several new contracts.
"The company is making good progress with its biggest ever sales pipeline of new business opportunities, and I am delighted to be able to provide short-term funding in anticipation of revenues from contracts that have been slightly delayed beyond their expected completion in December 2014 and to cover short-term delays on receiving cash on contracted business," Cooper said.
Imaginatik shares were untraded on Monday morning, having last traded at 3.34 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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