iWeb Reaches $3 Million financing agreement with Goldman Sachs

(Gawkwire.com) iWeb Group Inc recently announced the conclusion of a $3 Million USD financing agreement with Goldman Sachs.

"This funding will be used to complete the infrastructure for the first phase of iWeb’s latest Montreal data center. Estimated at just over $ 2.5 Million, infrastructure construction work should be completed during the upcoming weeks” says Philip Tousignant, iWeb’s Chief Financial Officer. “iWeb’s fourth data center should be putting its first servers online this summer; these new servers will be provisioned using a new automated process."

The $3 Million USD financing agreement is in addition to the $10 Million USD agreement previously obtained from Goldman Sachs in August 2008. Totalling $13 Million USD, the loan will be subject to a 17% interest rate and matures in August 2013. The new portion of the loan also carries a premium based on the value of the Company’s shares, payable at maturity in 2013.