logo-loader
Admedus Ltd

Admedus enters into agreement with SIO Partners for $1 million debt facility

The company remains in voluntary suspension to facilitate completion of its recapitalisation plan.

1557305161_shutterstock_566240770.jpg
Admedus is an Australian medical technology company hoping to gain momentum with its ADAPT products aimed at heart surgeons

Admedus Ltd (ASX:AHZ) has entered into a facility agreement with SIO partners LP (SIO) for a secured debt facility of $1 million.

The proceeds of the SIO facility will provide funds for general working capital and operational costs.

The company will continue with the restructure of its business operations to reduce certain overhead costs and a proposed divestment of the infusion business to capitalise on its growing ADAPT business.

READ: Admedus in trading halt pending update on Admedus Immunotherapies transaction

The key terms of the SIO facility are:

  • 18-month term;

  • 12% interest rate compounding monthly; and

  • One-off $125,000 facility fee, which will be capitalised to the loan balance and repayable at maturity.

If Admedus launches a rights issue while the loan is outstanding, SIO may elect to offset all or part of the outstanding balance against its entitlement and any underwriting commitment.

If shareholder approval is obtained, the outstanding balance may at SIO’s election be converted to ordinary shares in AHZ at the lesser of:

  • 2 cents per share; and

  • 80% of the volume weighted average market price for ordinary shares calculated over 5 trading days before the date on which the shares are to be issued.

Quick facts: Admedus Ltd

Price: $0.06

Market: ASX
Market Cap: $35.4 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Admedus Ltd named herein, including the promotion by the Company of Admedus Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Admedus CEO in New York to update on recent key milestones

Admedus Ltd (ASX:AHZ) CEO Wayne Paterson visited the Proactive Investors New York studio to update on key milestones the company has achieved in the past few months, including receiving European approval on two of its products.

on 18/3/19

2 min read