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Salem, N.H. — StockerYale Inc. has successfully refinanced its Canadian subsidiary's credit facility with the National Bank of Canada.
The new facility replaces an expired facility with Toronto-Dominion Bank and consists of a C $2.5 million revolving credit facility secured by receivables and inventory and a C $2.3 million term loan secured by equipment and the company's Montreal research and development center
Independent of the bank financing, the company also completed a $1.2 million private equity placement with several of the company's institutional shareholders. Proceeds will be used for general working capital purposes.
StockerYale Inc. is an independent designer and manufacturer of structured light lasers, light emitting diodes (LEDs), fiber optic and fluorescent illumination technologies as well as specialty optical fiber and phase masks for use in a wide range of markets and industries including the machine vision, telecommunications, aerospace, defense and security, utilities, industrial inspection and medical markets. For more information, visit www.stockeryale.com.