Miraculins Announces Unsecured Non-Convertible Loans
December 8, 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 arranged unsecured non-convertible loans (the “Loans”) with two private lenders (the “Lenders”) totaling $83,778.
The promissory note evidencing the first Loan of $56,000 was issued at a discount for a purchase price of $50,400. The promissory note evidencing the second Loan of $27,778 was issued at a discount for a purchase price of $25,000. Both of the Loans mature on March 31, 2016, are unsecured and bear interest at a rate of 20% per annum payable at the maturity of the Loans. As consideration for the Loans the Lenders received an aggregate of 670,224 warrants to purchase Common Shares of the Company at a purchase price of $0.05 per Common Share for a period of twelve months from the date of loan. The Loans and issuance of warrants are subject to approval by the TSX Venture Exchange. If the warrants do not receive approval, the interest rate on the Loans increases to 30%.
The proceeds of the Loans will be used for general operating costs.
Subject to regulatory approval, interest payable on the Loans may be satisfied in shares of the Company in certain circumstances.
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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