Miraculins Inc., a medical diagnostic company focusing on acquiring, developing and commercializing diagnostic and risk assessment technologies for unmet clinical needs, announced that it has closed the second tranche under the non-convertible secured loan with a third party lender as previously announced on December 23, 2013, receiving an advance of CDN$150,000 from the Lender.
According to a release, under the second tranche of the Loan, the Lender purchased a promissory note with a principal amount of CDN$166,667 for a purchase price of CDN$150,000. Miraculins will have the option to request the Lender to advance additional tranches under the Loan, which the Lender may approve or reject in its sole discretion. All amounts owing under the Loan will be due and payable on December 31, and will bear interest of 12 percent per annum, payable quarterly. In addition, any overdue payment will bear additional interest at a rate of 6 percent per annum, for a combined interest rate of 18 percent per annum on any overdue payment. Subject to regulatory approval, interest payable on the Loan may be satisfied in common shares of Miraculins in certain circumstances.
As consideration for providing the second tranche of the Loan, Miraculins issued 33,333 common shares to the Lender. The common shares are subject to resale restrictions for a period of four months from the date of issuance under applicable securities legislation.
The proceeds of the Loan will be used for general operating, ongoing product development, inventory and sales and marketing related costs.
Miraculins is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies for unmet clinical needs.
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