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MyCelx opens line of credit to support, sales, marketing and financing
(Sharecast News) - MyCelx Technologies said on Wednesday that it has opened a $0.5m line of credit with TriState Capital Bank to support sales, marketing and project financing as it expanded in the PFAS remediation and produced water treatment markets. The AIM-traded firm said the facility was priced at the one-month SOFR plus a 1.5% margin, with a minimum rate of 2.49%.
As of 15 August, SOFR stood at 4.36%.
Chief executive Connie Mixon personally guaranteed the line at no cost to the company, constituting a related-party transaction under the AIM rules.
MyCelx said its independent directors, after consulting with its nominated adviser, said the terms were fair and reasonable.
"In securing this new line of credit, MyCelx is placing itself in a stronger position to pursue its robust opportunity pipeline and further capitalize on recent successful trials and installations," commented Mixon.
"The line of credit provides flexibility for the company to increase marketing spend and trials while bridging milestone projects to completion."
MyCelx said it saw growing global recognition of its technology and expects targeted marketing to help convert requests for quotations into contracts.
Reporting by Josh White for Sharecast.com.
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