DENVER, June 11, 2015 /PRNewswire/ -- ILLEGAL Restaurant Group Inc. (IBGR), the Company, functioning as a holding company within the Fast Casual sector and operating under its subsidiary, ILLEGAL BURGER LLC, is pleased to announce it has closed a senior secured revolving credit facility of up to $3 million with TCA Global Credit Master Fund, LP ("TCA"). The credit facility with TCA will provide operating capital and funding for acquisitions and expansions.
Jim Nixon, Founder and CEO stated today; "We are extremely excited to be working with TCA and our recent completion of our funding agreement with TCA Global Credit Master Fund, LP. An initial draw of $375,000 less transaction expenses, will be used to implement the beginning of our proposed expansion operations. The company intends to use the remaining facility primarily to fund the growth of future acquisitions and additional restaurant locations. Additional draws up to $3 million under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, and subject to continuing compliance with the terms of the revolving credit facility." Jim Nixon also stated, "In no way is this a share backed credit facility, but a credit facility backed by the company's assets, therefore maintaining and growing shareholder value in a non-dilutive transaction that will help continue to grow the company."
About ILLEGAL Restaurant Group Inc.
ILLEGAL Restaurant Group Inc., a holding company, operates ILLEGAL BURGER, a Denver Colorado based Fast Casual Burger and Bar Restaurant chain, that was created to change the way people look at burgers. Founded by Jim Nixon in 2013, ILLEGAL BURGER has established a foothold in the Denver, Colorado area by providing great service and high quality food. From the details of our sustainable decor, to the quality products used in every aspect of our food, ILLEGAL BURGER is in line to expand into the national Marketplace as a leader in the Fast Casual Dining Sector. We are dedicated to giving our customers what they deserve: a burger made with quality, all-natural never frozen ingredients that tastes as good as it looks. Experience perfection with every bite, only at ILLEGAL BURGER. For more information, Please visit our website at www.illegalburgerco.com
TCA's Global Credit Master Fund is a short duration, absolute return niche Credit fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, the United Kingdom and Australia. This specialist business helps to fill the underserved small-cap lending gap, which exists in these markets.
This release, like many written and oral communications presented by ILLEGAL Restaurant Group Inc. (IBGR), our authorized officers, and subsidiaries may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, IBGR undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made
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SOURCE ILLEGAL Restaurant Group Inc.; TCA Global Credit Master Fund, LP