Nuvo Pharmaceuticals Secures Credit Facility

Nuvo Pharmaceuticals (TSX:NRI) secured a $6.0 million operating revolving credit facility with the Royal Bank of Canada (RBC).
As quoted in the press release:

The Facility is a standby Facility that can be drawn by Nuvo for working capital requirements and general corporate purposes. Nuvo has not currently drawn any amount of the Facility.
The Facility can be accessed by Canadian dollar denominated loans and U.S. dollar denominated loans that will bear interest at a low, single-digit premium to RBC’s Prime Rate or RBC’s U.S. Base Rate. As is customary for a credit facility of this nature, loans drawn on the Facility are secured by a first charge in favour of RBC over the Company’s assets.  Drawings on the Facility are limited to a percentage of the Company’s then outstanding accounts receivable and inventory.  The Company has the right to repay any balance owing under the Facility at any time without bonus interest or penalty.

Click here to read the full press release.

Source: www.newswire.ca