25th Sep 2019 12:30
(Alliance News) - Cash-constrained Amphion Innovations PLC has extended an existing loan facility, it said on Wednesday, with all other terms unchanged.
The medical, life science, and technology firm has extended the loan, originally agreed in June 2014, to the end of September 2020.
The loan will continue to be secured by the 16.7 million shares Amphion holds in Polarean Imaging PLC. Since September 10, Amphion has sold 400,000 Polarean shares worth USD94,000 to go towards debt repayments, meaning it now holds 14.6% of Polarean.
At 18 pence each, Amphion's remaining holding in Polarean is worth USD3.7 million.
Amphion cautioned, however, it remains "highly cash constrained", and is continuing to look at both short-term and medium-term financing options. Shares are still suspended, as it has not yet published 2018 figures.
Amphion's statement was noted by Polarean on Wednesday. Polarean was up 15% at 20.96p pence a share shortly after midday.
By George Collard; [email protected]
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