By Sheri Kasprzak
Atlanta, June 1 - RadView Software Ltd. said it has closed a revolving line of credit for up to $2 million.
The company received the line of credit from Comerica Bank.
Under the terms of the facility, RadView may receive advances limited to the lesser of $2 million or the sum of 75% of the eligible accounts receivable plus $1 million.
As part of the credit line, Comerica also received a warrant for 352,941 shares, exercisable at $0.17 each.
Based in Burlington, Mass., RadView produces software used for the verification of the integrity of Web applications.
| Issuer: | RadView Software Ltd.
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| Issue: | Revolving line of credit
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| Amount: | $2 million (maximum)
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| Terms: | Lesser of $2 million or 75% of eligible accounts receivable plus $1 million
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| Warrants: | For 352,941 shares
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| Warrant strike price: | $0.17
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| Investor: | Comerica Bank
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| Settlement date: | June 1
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| Stock price: | $0.175 at close June 1
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