11:10 AM EDT, 10/08/2024 (MT Newswires) -- EnWave ( NWVCF ) on Tuesday said it signed a revolving credit facility agreement with Desjardins Group.

According to the statement, the amount available to Enwave ( NWVCF ) under the facility is calculated as the lesser of $5 million and a function of royalties, receivables and inventory.

The company reached a $500,000 loan agreement with Desjardins, with an amortization period of 48 months and payments due monthly.

The credit facility and term loan provide EnWave ( NWVCF ) with non-dilutive financing to execute an intensified sales strategy. EnWave ( NWVCF ) plans to attract additional sales talent and increase its presence in key growth markets. It is currently working with a global recruitment firm to attract and hire its first sales manager in Europe. A second sales manager will be recruited for the South Asian region. Other markets will be considered later in the fiscal year.

EnWave ( NWVCF ) shares were last seen down $0.005 to $0.23, on the TSX Venture Exchange.

Price: 0.24, Change: -0.01, Percent Change: -2.08