Miraculins Announces Extension of Secured Loans
November 23, 2015 (Source: Marketwired) — Miraculins Inc. (TSX VENTURE:MOM) (the “Company”), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, today announces that it has entered into amending agreements to extend the maturity dates of its CDN$1,000,000 non-convertible secured loan, from a lender (the “2011 Lender”) that was originally announced on October 13, 2011 and previously extended twice, on December 23, 2013 and May 16, 2014, and its CDN$611,334 non-convertible secured loan, from a lender (the “2013 Lender”) that was originally announced on December 23, 2013 and previously extended on May 16, 2014 (collectively the “Loans”).
The Loans have been extended by 90 days and will now mature on March 31, 2016. The Loans will continue to bear interest at 12% per annum and the interest will accrue until March 31, 2016. No consideration will be paid in regards to the risks taken by the 2011 Lender or the 2013 Lender (collectively the “Lenders”) in extending the date on which the principal amount owing will be due and payable.
The Company previously reported, on November 11, 2015, that it had begun discussions regarding the potential refinancing, deferral and or re-negotiation of the Loans. These discussions are still in progress and while they are underway, the Lenders, have agreed to the above extensions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>