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