26th Nov 2015 09:58
LONDON (Alliance News) - Amphion Innovations PLC, which develops medical, life science, and technology businesses, said on Thursday that it has agreed to draw down an additional USD3.0 million under a USD10.0 million loan facility agreed in June 2014.
The USD3.0 million will be drawn down in two tranches, with the first of which took place yesterday and the second to occur on December 8.
The facility was originally secured by part of Amphion's holding in Kromek Group PLC.
"Under the terms of the additional draw, the simulated warrants over Kromek Group PLC ... will be canceled, the interest rate on the facility will be reduced from 12% to 10%, and no additional Amphion warrants will be granted. The remaining terms of the additional draw is on substantially the same terms as the facility," the company said.
"The additional draw is to be repaid in monthly installments starting March 1, 2016, with the final monthly repayment due on November 1, 2016. The proceeds are to be used to repay the existing amount due under the facility and for working capital for Amphion and its partner companies," the company added.
Shares in Amphion were down 0.8% at 4.71 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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