Raymor secures C$4.95 million financing with warrants

By Laura Lutz

Des Moines, May 23 - Raymor Industries Inc. secured C$4.95 million of financing from a lender that it described as a "local financial institution," according to a news release.

The agreement includes C$4 million of asset-based financing at an interest rate of 10% and a term of up to 10 years. The remaining C$950,000 will come from a line of credit supporting Raymor's receivables and inventories.

Raymor will also issue 75,000 warrants to the lender. Each warrant is exercisable for one share at C$1.20 until May 4, 2009.

Raymor is a Boisbriand, Quebec-based developer of nanomaterial production technologies. The company's stock lost 2 cents, or 1.9%, to close at C$1.06 on Tuesday (TSX Venture: RAR).

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