Eddy Smart Home Solutions Ltd. announced that it has increased its previously announced (on December 29, 2022) revolving credit facility of $3 million with an arm's length private lender (the ‘Lender') to $5 million (the ‘Facility'). 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 May 31, 2023.

There were no fees paid in connection with the Facility. The Company intends to use the net proceeds from the Facility largely for working capital purposes, to deploy its growing contracted revenue backlog and general corporate expenses. The Company is currently actively deploying in approximately 60 commercial locations.