Amphion Innovations PLC New Loan Facility (8736I)
05 Junio 2014 - 1:01AM
UK Regulatory
TIDMAMP TIDMKMK
RNS Number : 8736I
Amphion Innovations PLC
05 June 2014
Amphion Innovations plc
Amphion secures new loan facility
London and New York, 5 June 2014 - Amphion Innovations plc (LSE:
AMP) ("Amphion" or the "Company"), the developer of medical and
technology businesses, today announces that the Company has been
granted a loan facility ("Facility") by an institutional lender
("Lender"). The Company has drawn down an initial sum of $2 million
with a further draw down facility of up to a maximum of $10
million, subject to the consent of each party. The funds are to be
used for working capital for Amphion and its Partner Companies. The
principal terms of the Facility are set out below.
Amphion's Chief Executive Officer, Richard Morgan, said:
"Amphion has expectations of cash inflows from several different
sources over the next six to twelve months and this facility
provides the capital we need to bridge to those inflows without
incurring excessive dilution. These funds will enable us to
continue to support our IP licensing programme and the further
development of our Partner Companies."
Principal Terms of the Facility
The Facility is secured by part of Amphion's holding in Kromek
Group plc ("Kromek") and may be repaid at the Company's discretion
in cash, the issue of Amphion shares, or the payment of Kromek
shares where the Lender will be subject to certain limitations
including adherence to any existing lock-in and an orderly market
agreement. Repayment will be on a monthly basis starting on 1
September 2014 with final payment due 1 June 2015.
The interest rate on the loan is 12 per cent per annum of the
gross amount provided to the Company. As part of the loan terms the
Lender will receive 8,532,350 3-yearwarrants in Amphion with an
exercise price of 4.375 pence per share.
In addition, Amphion will be issuing the Lender 663,627 3-year
simulated warrants at an exercise price of 56.25 pence per share.
If the Lender exercises the warrants, Amphion will pay the
difference between the exercise price and the Kromek market price.
The Company will also pay a further 8 per cent of the gross amount
provided as an implementation fee.
For further information please contact
Amphion Innovations plc
Charlie Morgan,
+1 (212) 210 6224
Novella Communications
Tim Robertson / Ben Heath
+44 020 3151 7008
Panmure Gordon Limited
Freddy Crossley / Duncan Monteith (Corporate Finance)
Adam Pollock / Charles Leigh-Pemberton (Corporate Broking)
+44 020 7886 2500
Plumtree Capital Limited (Advisor to Amphion)
Stephen Austin
+44 207 183 2493
+1 646 568 7502
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in emerging
companies in the medical and technology sectors, by using a
focused, hands-on company building approach, based on decades of
experience in both the US and UK. Amphion has significant
shareholding in 7 Partner Companies developing proven technologies
targeting substantial commercial marketplaces. The Amphion model
has been refined to optimise the commercialisation of patents and
other intellectual property within the Partner Companies. The
Partner Companies collectively own or control over 200 separately
identified pieces of intellectual property, a number which grows
rapidly each year.
On the web: www.amphionplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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