Thursday, January 06, 2022 6:58:39 AM
MediPharm Labs Completes Payment of All Convertible Debt
January 05, 2022 07:00 ET | Source: MediPharm Labs Corp.
https://www.globenewswire.com/news-release/2022/01/05/2361498/0/en/MediPharm-Labs-Completes-Payment-of-All-Convertible-Debt.html
...
TORONTO, Jan. 05, 2022 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce that it has completed all payments required under its 2020 $41 million unsecured convertible debt.
“MediPharm continues on its plan and path to profitability, and paying off our convertible debt in full is a major milestone on that path,” said Bryan Howcroft, CEO, MediPharm Labs. “Being essentially debt free with a strong cash position adds even more longevity to our business. As part of our growing nascent industry, this advantageous position differentiates us from some of our peers who may not have the runway to realize the industry’s full potential.”
On June 8, 2020, the Company closed a private placement with an US institutional investor for gross proceeds of $37.8 million through the issuance of two senior unsecured convertible notes. Starting in October 2020, the notes amortized through bi-monthly installment payments payable, in cash or shares, on the first and tenth business day of each month prior to the maturity date of June 8, 2023. During the interim period between payment dates, the holder of the notes had the option to convert accelerated installment amounts, in whole or in part at an installment conversion price calculated in accordance with the terms of the notes. As of December 31, 2021, the entire debt has been repaid in full through both cash installments and share accelerations. This extinguishes the debt in full 18 months before the maturity date.
MediPharm Labs has no other material debt and full ownership of its assets, which includes two GMP facilities – one in the province of Ontario, Canada and the other in the state of Victoria, Australia. Other major assets include manufacturing infrastructure and equipment.
The Company is now debt agreement free with a clean balance sheet and strong cash position. This position paired with a robust plan to reduce overhead, operating expenses and general and administrative expenses gives MediPharm Labs longevity to execute on its sales contracts and pipeline.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM