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news.Warnex has signed an agreement with Canada-based Desjardins Group for financing and banking services. As part of the agreement, Warnex will receive financing facilities totalling $4 million, which include a revolving line of credit of $2 million and a term debt of $2 million.
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The proceeds of this financing will be used to repay certain debentures and the existing term debt with National Bank of Canada, as well as for general working capital purposes.
Mark Busgang, president and CEO of Warnex, said: “This agreement is one of the elements of our strategy to restructure our balance sheet in 2008 to better position us for future growth opportunities. This is being done in conjunction with the previously announced restructuring of our debentures.”