Vortiv Limited announced the signing of a binding term sheet for a AUD 10 million secured term loan facility with Pure Asset Management Pty Ltd. (Pure). The Facility is repayable thirty months following the utilization date, with interest periods of 3 months at an interest rate of 9.50% per annum. Funds obtained from the Facility will support working capital, capital expenditure and general corporate purposes following the Company's recently secured five-year agreement with the Central Bank of India.

Vortiv's Indian subsidiary company, TSI India, is planning to apply for a transaction banking licence whilst continuing to develop and commercialise its digital payments solutions, which will be a key growth driver for the business into the future. The arrangement will also see the Company issue warrants to Pure to acquire ordinary shares in the Company. Entry into the Facility is conditional on satisfactory due diligence and entry into definitive transaction documents.

Shareholder approval will be sought in respect of the issue of the warrants and the Company will release a Notice of Extraordinary Meeting in due course.