Noble Iron announced a $3 million loan facility, of which $2 million has been committed, to fund working capital and growth initiatives. The loan has a term of one year and is secured by assets of the company. Terms of the financing include an annual interest rate of 15 percent, paid quarterly, with no principal payments due until maturity, and an early exit fee in the amount of 12 percent if the loan is repaid within six months and 10 percent if paid back beyond six months.
Related parties participated for $1.5 million of the committed proceeds.
Noble Iron’s equipment rental and dealership operations do business under the name Noble Iron and currently serve customers in California. Noble Iron offers construction and industrial equipment and accessories for rental and for sale.
Its software segment operates as Texada Software and is based in Guelph, Ontario, Canada.
