Mobilarm chairman Tim McClement has bought into the marine safety equipment provider through the off-market purchase of a million shares. Mr McClement now has a $72,000 stake in the company. Mobilarm has also recently entered into a loan agreement with managing director Ken Gaunt for a facility of up to $1 million. The facility will be partly used to fund the establishment of the company’s joint venture in Nigeria, whose primary focus is to provide product and service solutions as mandated by the Nigerian Department of Petroleum Resources.
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