Energy Mad borrows $1mn at 20% as losses narrow

Tue, 22 Nov 2016

By Edwin Mitson Nov. 22 (BusinessDesk) - Energy Mad, the energy efficient light-bulb developer and retailer has borrowed a further $1 million to meet its capital needs, paying an interest rate of 20 percent under a one-year loan from Smartshares Limited, the pioneer of Exchange Traded Funds. In notes to its half-year results, the Christchurch-based company said the money would "fund a significant increase in inventory to support the growth in sales." Energy Mad borrowed $1 million from asset manager SuperLife in June, paying 15.75 perc...

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