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Tribe Property Technologies Announces New Acquisition Financing of up to $15 Million to Further Expand Its M&A Activities
Monday, October 16, 2023Company Profile | Follow Company
- Tribe Property Technologies Announces Acquisition Facility of up to $15 Million to further expand its M&A activities with Canadian Schedule A Bank
- Signed definitive agreement with the Technology and Innovation Banking arm of a Canadian Schedule A Bank provides a senior term and acquisition facility loan for up to $15 million.
- Proceeds from the Facility are expected to accelerate the Company's growth through M&A activity and support Tribe's future operating efficiencies.
Vancouver, BC, October 16, 2023--(T-Net)--Tribe Property Technologies Inc. (TSXV:TRBE), a leading provider of technology-enabled property management solutions, announced that it has signed a definitive loan agreement with the Technology and Innovation Banking arm of a Canadian Schedule A Bank, that provides a senior term loan facility for up to $15 million.
The Facility consists of a $3 million operating line to support the Company's working capital requirements and an M&A facility of $7 million with an additional accordion feature of $5 million, for a total of up to $15 million of non-dilutive capital.
The definitive agreement was signed this month with an interest rate of prime plus 2.65% per annum for both facilities.
Joseph Nakhla, CEO, Tribe Property Technologies Inc.
"We announced this significant milestone for Tribe which further strengthens our commitment to strategic growth and financial stability," said Joseph Nakhla, CEO of Tribe. "Executing this financing facility is an essential piece of our M&A growth strategy as it provides us with access to non-dilutive capital which will be beneficial to our long-term capital structure, as well as aid in accelerating our growth plans."
About Tribe Property Technologies
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement on Forward-Looking Information This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. [ MORE ] |
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Tribe Property Technologies Inc.
Vancouver (Other Tech Sectors)
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