PROMETIC ANNOUNCES THE CLOSING OF THE $25 MILLION FOLLOW-ON FINANCING FROM STRUCTURED ALPHA LP, AN AFFILIATE OF THOMVEST ASSET MANAGEMENT INC.
'LAVAL, QUEBEC, CANADA – April 28, 2017 – Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) (“Prometic” or the “Corporation”) announced today that it has closed the follow-on investment from Structured Alpha LP, an affiliate of Peter J. Thomson’s investment firm, Thomvest Asset Management Inc., consisting of a $25 million loan (the “Loan”).
The Loan is secured by Prometic’s assets, excluding its patent portfolio. The redemption value of the Loan implies a compounded annual interest rate of approximately 8.5%. No interest or principal shall be required to be repaid prior to July 31, 2022. As part of this transaction, Prometic has granted Structured Alpha LP a warrant to purchase 10,600,407 common shares at an exercise price of $3.70 per common share with a term expiring in October, 2023. The proceeds received by Prometic from the aggregate exercise of all of the warrants would be sufficient to repay the Loan in its entirety. No material additional security or covenants have been granted to Structured Alpha LP, over those already in place by the current original issue discount notes.'
Jim |
