IFabric Corp Gains Full Ownership of Markham Property and Expands Credit Facility

iFabric Corp. has finalized an agreement to acquire the remaining 25% of the shares in the subsidiary that owns its Markham, Ontario warehouse. This acquisition is supported by Cdn$3.7 million mortgage financing from BMO. The funds will also be used to repay existing loans, enhancing iFabric's financial structure.

In a related development, iFabric has secured a new banking agreement with BMO. This agreement increases the company's revolving credit facility from $6.75 million to $12 million. The expanded credit line will offer greater financial flexibility to support future growth. It is secured by company assets, including the Markham property, and remains unutilized at present.

iFabric's key strategic investment aims to provide complete control over its Markham warehouse, valued at approximately $12 million, allowing for unrestricted asset usage to back growth initiatives.