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TCA Closes $5MM Credit Line With MyECheck

October 31, 2014, 07:17 AM
Filed Under: Technology

MyECheck, Inc., a leader in electronic check solutions for internet and mobile payments, secured a $5 million line of credit from TCA Fund Management Group, a U.S.-based investment management company that specializes in senior secured lending and advisory services to small and medium sized companies.

Terms of the agreement are that MyECheck will initially draw down approximately $550,000; will pay approximately $60,000 in fees in cash; issue approximately 3.8 MM shares and establish a share reserve fund (to be determined) to TCA and its associates.

“We are very pleased that TCA, through an extensive due diligence process, has partnered with us on this credit facility," said Ed Starrs, chairman and chief executive officer of MyECheck. “We look forward to working with them and expanding our business plan with this available capital.”

TCA’s Global Credit Master Fund is a short duration, absolute return fund specializing in senior secured lending and advisory services to small, mainly listed companies, predominately in the U.S., Canada, Western Europe and Australia. This specialist business fills the underserved small-cap lending gap, which exists in these markets, leading to a unique opportunity for investors seeking absolute, uncorrelated returns from the small-cap debt universe.

MyECheck Inc. is a leading electronic payment technology developer, licensor and payment services provider.

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