Amaero International Limited (OTC:AMROF) Signs $22.8 Million Loan
News about new sources of fresh capital is almost always a source of optimism among investors and shareholders of a thriving company, which is why Amaero International Limited (OTC:AMROF) may be one to track today. Yesterday, the company was in focus after it made an announcement about a new loan worth $22.8 million.
The Loan Deal
In the news release from Amaero International Limited yesterday, the company announced that it had been successful in signing a credit agreement worth $22.8 million direct loan from the Import-Export Bank of the United States, also known as EXIM. The loan had initially been announced on January 9 this year. Since the capitalization expenses had been reduced by the bank, the total loan amount was reduced to $22.8 million from the initially agreed $23.5 million.
Further Information
The loan was disbursed to a fully owned United States-based operating subsidiary of the company Amaero Advanced Materials & Manufacturing Inc. It was also announced by Amaero International Limited that the United States federal government credit agency would also supply the company with capital equipment financing and channel more funds to the company as part of the Make More in America program under EXIM.
Hank J. Holland, Amaero Chairman and CEO, commented:
“Fully funding our planned capital expenditures and expected operating losses through EBITDA breakeven is a very important milestone event for Amaero. Non-dilutive, U.S. government-funded support is an important signal to the market that validates the alignment of Amaero’s strategy and capability with the United States’ priority policy initiatives. The direct loan of US$22.8 million from EXIM, coupled with a series of equity capital raises since May 2022 that totaled approximately US$64.5 million, has positioned Amaero with a strong balance sheet and with sufficient liquidity to fund planned capital expenditures and to fund operating losses through achieving expected EBITDA breakeven in FY2026.
