TRNF - Taronis Fuels closes $10M bank credit facility at 6% p.a.

Taronis Fuels ([[TRNF]] -2.0%) secures $10M credit facility from Tech Capital at an interest rate of 6% p.a. With an initial term of 12 months, the facility provides an immediate borrowing availability of $4.5M to $5.0M calculated on the company's combined advances under existing accounts receivables and inventory on hand.On another note, Taronis Fuels' wholesale gas division is currently expanding into Sacramento, San Francisco, San Jose, and Houston. the company's retail division is launching its Phoenix store in October and has plans to launch new locations in Houston, Dallas, and Fort Meyers during Q4. "All of these locations are expected to accelerate revenue growth over the next several quarters, expanding our working capital assets. With Tech Capital as a partner, we now have a clear source of low-cost growth capital to support our business expansion plan objectives," says CEO Scott Mahoney. Previously: Taronis Fuels retires its largest single tranche of debt (Oct. 15)

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Taronis Fuels closes $10M bank credit facility at 6% p.a.