Big Stick Media Corporation Announces Its Obtaining a Working Capital Line of Credit
02 12월 2009 - 2:32AM
Marketwired
Big Stick Media Corporation ("BSM" or the "Company")(TSX VENTURE:
BSM) announces that it has entered into a loan facility agreement
(the "Line of Credit") with an affiliate of its President and Chief
Executive Officer pursuant to which the Company will have the
ability to borrow up to US$250,000 on an unsecured revolving line
of credit basis.
The purpose of the Line of Credit is to provide BSM with the
short term working capital required as it moves toward the latter
stages of the 2009-2010 football season. While the Line of Credit
will add to the overall debt profile of the Company, all scheduled
principal and interest payments on existing debt securities have
been timely made. It should be noted that during the fourth quarter
of its 2009 fiscal year end of November 30, 2009, BSM paid down
principal debt obligations in the approximate amount of $780,000
via the dedication of positive cash flow from operations. BSM
continues to project becoming debt free by the end of its 2011
fiscal year.
Amounts outstanding from time to time under the Line of Credit
facility will bear interest at a rate of five percent (5%) per
annum with any accrued interest being payable by the end of each
fiscal quarter end date. The principal can be repaid at the
discretion of the Company at any point during the term of the
facility which is available until November 30, 2011. At the end of
the term of the Line of Credit, the parties will consider any
extension of such term.
As at the date hereof BSM has 23,992,020 issued and outstanding
common shares.
BSM is based in Vancouver, British Columbia and trades on the
TSX Venture Exchange under the trading symbol "BSM". Additional
information about BSM may be found under its profile at
www.sedar.com and at www.bigstickmedia.com.
About Big Stick Media Corporation
BSM owns and operates a portfolio of assets that provide
fact-based and opinion oriented information relevant to the sports
industry. These assets include websites, client-server software and
publications. BSM generates revenues in a number of ways, including
various direct to consumer services and direct to business sales
through a portfolio of websites, the most significant of which are
www.JimFeist.com, www.donbest.com, and www.g-picks.com. BSM also
operates the Don Best Sports real-time sports information systems
for serious sports enthusiasts, handicappers and bettors.
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 and
accuracy of this release.
Contacts: Big Stick Media Corporation Christopher S. Kape Chief
Executive Officer (604) 630-6550 ext. 111
chris@bigstickmedia.com
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