Skip to content
Finance Investment

Hiremii Limited (ASX:HMI) – Recruitment Business Secures Facility to Support Growth

Hiremii Limited (ASX:HMI) 2 mins read

Hiremii Limited (ASX:HMI), technology-driven full-service recruitment company, is thrilled to announce a significant milestone in its ongoing growth journey. The company's recruitment and labour hire division, Inverse Group, has forged a collaboration with Octet Finance Pty Ltd (referred to as "Octet") to establish a financing facility, amounting to $2,000,000.

Facility Highlights:

  • Commencement: The facility was officially established on 16th October 2023.
  • Amount & Tenure: This is a revolving facility, allowing access to funds up to $2 million for a baseline tenure of 15 months.
  • Security: The facility is anchored against accounts receivable, with an additional overarching security provided by group companies as guarantors. However, this guarantee is confined to the total value of the facility.
  • Interest & Fees: The interest on the borrowed amount will be calculated based on a fluctuating interest rate, supplemented by a fixed facility fee.
  • Terms and Restrictions: The facility comes with terms and conditions typical for such financial agreements. This includes specific stipulations for Inverse Group, such as a restriction against granting any more security on property already under a security agreement favouring Octet.
  • Guarantors: Group companies have stepped in as guarantors for the facility availed by Inverse Group.

Mr Andrew Hornby, MD and CEO said, "I’m delighted to announce our partnership with Octet, a global specialist in business finance for our industry. We continue to experience strong growth through our preferred relationships with clients in the energy, resources and sustainability sectors and the Facility will provide Inverse Group with beneficial working capital leverage to drive this continued growth performance. The Facility will help us meet the strong demand from those clients in the energy, resources and sustainability sectors who are looking to access a skilled specialist contractor workforce. With the Inverse Group operating profitability and this new facility in place, Hiremii can focus its available cash on investment in the growth of its AI driven technology platform going forward”. 


About us:

Hiremii Limited (ASX: HMI) is a technology-driven full-service recruitment company with two core business components; Hiremii Technology, a cloud-based platform which uses machine learning and artificial intelligence to automate and improve recruitment and onboarding processes, pre-vetting and shortlisting candidates based on employers’ specific requirements, and Inverse Group, a growing recruitment business that provides specialist white collar recruitment services to the energy, resources and technology sectors.


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

Media

More from this category

  • Business Company News, Finance Investment
  • 26/02/2024
  • 06:06
Monday 26 February

SUPER COLLABORATION SET TO INJECT FUNDS INTO AFFORDABLE HOUSING, DELIVERING RETURNS FOR MEMBERS

Four of Australia’s leading profit-to-member super funds, alongside industry super fund-owned IFM Investors, have announced they are working together to deploy capital into the housing sector to generate long term risk adjusted returns to members and increase housing supply. Cbus Super, CareSuper, Hostplus, Rest and IFM Investors collectively represent more than A$505 billion in funds under management, with a demonstrated capacity to invest at scale. Managed by IFM Investors, Cbus Super, CareSuper, Hostplus and Rest are seeking to collectively partner with community housing providers to support an initial investment in social and affordable housing through the Commonwealth Government’s Housing Affordability…

  • Finance Investment, Political
  • 26/02/2024
  • 06:00
Community Housing Industry Association

CHIA endorses super fund investment decision

The Community Housing Industry Association has strongly endorsed a decision to invest in community housing by four major industry super funds and IFM Investors, amid surging housing stress and a chronic shortfall of social and affordable housing, Cbus Super, CareSuper, Hostplus, Rest, and IFM Investors, collectively manage over A$505 billion in funds and have announced their intention to inject substantial capital into the housing sector. The funds will partner with community housing providers to initiate investments through the Commonwealth Government’s Housing Affordability Future Fund (HAFF), aligning with the National Housing Accord. The super funds have indicated the investment is possible…

  • Finance Investment, Oil Mining Resources
  • 23/02/2024
  • 12:11
Critical Minerals Group (ASX:CMG)

Critical Minerals Group (ASX:CMG) Welcomes Groundbreaking Vanadium Battery Manufacturing Agreement in Townsville

Sydney, Australia 23 February 2024 - ASX listed vanadium developer, Critical Minerals Group (ASX:CMG), is thrilled to announce its enthusiastic support for the recent collaboration agreement that marks a significant milestone in the establishment of a vanadium flow battery manufacturing supply chain in Townsville, North Queensland. In a joint statement, Queensland Premier, The Honourable Steven Miles, and the Queensland Minister for Resources and Critical Minerals, The Honourable Scott Stewart, announced a non-binding collaboration agreement between Vecco Group, Sumitomo Electric, and Idemitsu. This group aims to manufacture, market, sell, and deliver batteries from North Queensland. Based on publicly announced projects, globally…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.