NVOS . Nice terms their on news. grabbed a few
Novo Integrated Sciences Signs Agreements For An Unsecured, Non-Dilutive Debt Instrument With A Principal Sum Of $70M
8:11 am ET April 27, 2023 (Benzinga) Print
The Company to Receive a Lump Sum of $57,000,000
Note has a non-compounding yield of 1.52% (zero coupon) per annum
Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the "Company" or "Novo"), today announced the issuance of an unsecured 15-year $70,000,000 promissory note with RC Consulting LLC in favor of SCP Tourbillion Monaco (the "Buyer"), for a lump sum debt funding of $57,000,000. The note provides for a yield (non-compounding) of 1.52% (zero coupon) per annum and a maturity date 15 years from the date of issuance. The Note is unsecured and there is no provision for the conversion of debt, issuance of any class of shares, or the grant of any warrants by the Company to the Buyer.
Robert Mattacchione, Novo's CEO and Chairman of the Board, stated, "In today's environment of tight capital markets and expensive capital raises, this $57,000,000 cash infusion will provide the Company with the foundational capital and repayment terms required to support and accelerate the further implementation and growth of Novo's three-pillar business model. The non-dilutive and progressively structured facility will also allow the Company the time required to properly commercialize many of its unique assets. As we continue on our path to profitability, structured debt of this nature eases the burden of capital pursuit and allows the focus of market growth to be primary in management's objectives. Patient, non-dilutive capital greatly increases the Company's potential for true market difference."
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