Espial secures $3.5m loan facility from JLA Ventures

On-demand TV company Espial has entered into a $3.5m (£2.2m) secured-term loan facility agreement with JL Albright Ventures’ group of funds.

The participating funds are JL Albright IV Venture Fund LP, JL Albright IV Venture Parallel Fund LP and JL Albright IV Venture Parallel II Fund LP (collectively ’JLA Ventures’).

The proposed loan has a term of 42 months and will bear interest at an annual rate of 10 per cent.

In conjunction with the loan, Espial has agreed to grant JLA Ventures five-year warrants to purchase up to 823,529 common shares of the company.

These warrants will be granted when the facility closes, which is anticipated to occur on 30 December 2010.