Critical Control Energy Services Corp. announced that it has closed the secured financing with Invico Diversified Income Limited Partnership for new senior secured financing previously announced on October 29, 2018. The proceeds from the New Facilities were used to fully repay the Corporation’s operating line and term loans with the Corporation’s previous secured lender and will also be used for additional working capital. The New Facilities are for a period of 3 years and can be repaid on 90 days notice after one year. The New Facilities include a term loan of $7 million at 15% interest per annum (the “Term Loan”). The Term Loan is interest only until December 31, 2019 and principal payments thereafter will be calculated based on 80% of free cash flow after all expenses, capitalized payments and interest. The remainder of the New Facilities will be in the form of a flexible factoring operating line, enabling the Corporation to draw 90% of its invoices for a period of 120 days (the “Factor Facility”). Effective interest on the Factor Facility will be at 1.5% per month, but will only be incurred when required for working capital. At closing, the Corporation drew a total of $10.4 million on the New Facilities.