ProntoForms agrees to new $4 million facility with BDC Capital Inc.

ProntoForms, an Ottawa-based mobile workflow platform provider, has entered into a new financing deal with BDC Capital.

In the deal, BDC Capital, a subsidiary of the Business Development Bank of Canada, will lend ProntoForms up to $4 million in a five-year secured term credit facility bearing interest at a fixed rate of 7 percent a year.

ProntoForms said the first disbursement of $2 million is expected to be received within this fiscal quarter. BDC Capital is entitled to receive warrants which entitle it to acquire up to 4,350,000 common shares of ProntoForms at a price per share of $0.45.

Read the press release from ProntoForms here or the Ottawa Business Journal article here.

LaBarge Weinstein’s Shane McLean acted as counsel to ProntoForms.