30 Sep ASX ANNOUNCEMENT: Changes to debt facility support turnaround and growth
Pureprofile Limited (ASX: PPL or the Company) is pleased to announce that its ongoing turnaround and growth strategy has been strengthened with the support of long-term investor, Lucerne Investment Partners, who has agreed to the following changes to the Company’s existing debt facility (Facility), effective immediately.
- Increase to drawdown limit – the drawdown limit on the Loan, referenced in the ASX announcement dated 25 June 2019, has been increased from $2.6 million to $7 million. The increase in drawdown limit will be used for working capital and will not materially impact the Company’s overall financial position.
- Removal of covenant – the Facility covenant, which required that the Company maintain consolidated net tangible assets greater than -$10,000,000, has been removed. There are no other financial covenants under the Facility.
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