07:41:30 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Acerus Pharmaceuticals Corp (2)
Symbol ASP
Shares Issued 7,707,747
Close 2022-06-22 C$ 3.00
Market Cap C$ 23,123,241
Recent Sedar Documents

Acerus increases loan facility to $37.94-million (U.S.)

2022-06-24 10:02 ET - News Release

An anonymous director reports

ACERUS ANNOUNCES AMENDMENTS TO LOAN FACILITY

Acerus Pharmaceuticals Corp. has entered into an amending agreement with First Generation Capital Inc., a company affiliated with the chairman of the board of directors of Acerus, to increase its existing secured loan facility from $35,845,000 (U.S.) to $37,945,000 (U.S.). This increase was made available to the company by way of a single advance of $2.1-million (U.S.) on June 23, 2022, under a secured grid promissory note with First Generation.

The loan facility bears interest at a rate of 8 per cent per annum and is repayable in full on Dec. 31, 2024, but can be prepaid in full or in part without penalty. The proceeds from the loan facility will be used for continuing general working capital.

In light of First Generation's relationship to the chairman of the board of directors of Acerus, the independent members of the board of directors, led by the lead independent director, separately met to consider and discuss the amendment to the loan facility. Following the review of such independent members of the board of directors, it was unanimously determined that the entering into of the amendment to the loan facility was in the best interests of Acerus.

Acerus continues to be actively engaged in the process of securing additional capital and expects to provide a progress update in the next few weeks.

About Acerus Pharmaceuticals Corp.

Acerus Pharmaceuticals is a specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the fields of urology and men's health. The company commercializes its products via its own sales force in the United States and Canada, and through a global network of licensed distributors in other territories.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.