Pharmaceutical

Prometic Life Sciences entered into a binding letter of intent to secure a USD $80 million line of credit from Structured Alpha LP.

Prometic Life Sciences (TSX:PLI; OTCQX:PFSCF) entered into a binding letter of intent to secure a USD $80 million line of credit from Structured Alpha LP.
As quoted in the press release:

The first two tranches can be drawn within fifteen days of closing, with each additional tranche becoming available on a monthly basis thereafter. Any amount drawn from the Credit Facility will bear interest of 8.5% per annum and will be repayable within two years from the entering into the Credit Facility.

Stefan Clulow, Managing Director and Chief Investment Officer of Thomvest Asset Management Inc. said, “We are pleased to extend this Credit Facility to the company, at what is clearly a pivotal time. Prometic is on the cusp of delivering against several key milestones, and this drawdown facility is designed to provide a flexible bridge to those events”.

Click here to read the full press release.

Source: www.newswire.ca

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