Eddy Smart Home Solutions Ltd. announced that it has increased its previously announced (on October 17, 2022) revolving credit facility of $1.5 million with an arm's length private lender to $3 million. This Facility bears interest at a rate of 8% (increasing to 14% upon any default) per annum and will mature in two years.  The Company has also agreed to enter into security agreements (which are subject to TSX Venture Exchange approval) providing for a first charge security against its assets for the Facility, which security is required to be put in place no later than March 31, 2022. There were no fees paid in connection with the Facility.

The Company intends to use the net proceeds from the Financing largely for working capital purposes, to deploy its contracted revenue backlog and general corporate expenses.