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Amphion Innovations PLC

Amphion Innovations - Additional Draw Down on Loan Facility

RNS Number : 8230H
Amphion Innovations PLC
22 August 2016
 

Amphion Innovations plc

 ("Amphion" or "the Company")

Additional Draw Down on Loan Facility

 

London and New York, 22 August 2016 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, today announces that the Company has agreed terms for the draw-down of an additional tranche of US $2,350,000 (an "Additional Draw") under the loan facility as announced on 5 June 2014 (the "Facility"). 

Under the terms of the Additional Draw, the interest rate will be 10% with repayments starting on 1 January 2017 and with the final repayment due on 1 December 2017.  The proceeds are to be used to repay the existing amount due under the Facility and for working capital for Amphion and its Partner Companies. 

The loan is secured by the pledge by the Company of 8,754,255 ordinary shares of Kromek Group plc and 27,961,625 ordinary shares of Motif Bio plc.

The current loan balance under the Facility after the Additional Draw will be US $6,198,333. Of this amount, US $3,000,000, plus interest is convertible into the ordinary shares of Amphion Innovations plc at 6 pence and the remaining amount, plus interest is convertible at 8 pence

Richard Morgan, CEO of Amphion, said: "We continue to believe in the future upside potential of our holdings in our Partner Companies.  We are working on moving other programmes forward and this facility gives us access to additional working capital to help develop the emerging companies and to progress the pipeline." 

 

 

For further information please contact:

 

Amphion Innovations
Charlie Morgan
+1 212 210 6224

Yellow Jersey PR

Charles Goodwin / Dominic Barretto
+44 (0)7747 788 221

Panmure Gordon Limited (Nominated Adviser and Corporate Broker)

Freddy Crossley / Duncan Monteith (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
+44 (0)20 7886 2500

Northland Capital Partners Limited (Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 7382 1100

Plumtree Capital Limited (Financial Adviser)
Stephen Austin
+44 (0)20 7183 2493
+646 568 7502

 

About Amphion Innovations plc

 

Amphion Innovations is a developer of medical, life science and technology businesses.

 

We use our extensive experience in company building to invest and build shareholder value in high growth companies in 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
 
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