Critical Control Energy Services Corp. (TSX:CCZ) announced a that it has executed definitive loan agreement with Invico Diversified Income Fund; a fund managed by Invico Capital Corporation of new senior secured financing on October 29, 2018. The new senior secured financing includes a term loan for gross proceeds of CAD 7,000,000, which carries an interest of 15% per annum and is for a period of 3 years and can be repaid on 90 days’ notice after one year. The term loan is interest only until December 31, 2019 and principal payments thereafter will be calculated based on 80% of free cash flow after all expenses, capitalized payments and interest. The remainder of the new senior secured financing will be in the form of a flexible factoring operating line, enabling the corporation to draw 90% of its invoices for a period of 120 days. Effective interest on the factor facility will be at 1.5% per month, but will only be incurred when required for working capital. The management of the company expects to be able to draw a maximum of CAD 3,700,000 as at closing under the factor facility. The company expects to close the transaction on or before November 12, 2018, subject to completion of legal registrations.