Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has entered into a non-binding agreement with Yorkville Advisors Global, LP to provide a A$50 million SEPA facility.
The agreement will be subject to the investor’s due diligence and internal approvals process, and entry into a binding agreement.
Yorkville is an SEC-registered, global investment manager to a number of private investment funds. It invests through customised structured debt, equity investments and customised instruments, including the Standby Equity Purchase Agreement (SEPA).
About the agreement
Under the agreement, Yorkville would be required by Anteris to subscribe for new shares by issuing a drawdown notice, up to a maximum of A$50 million worth of new shares over a 36-month period.
Shares issued under the drawdown notice would be issued at a price equal to 93% of the lowest daily VWAP over a five-day period after Anteris gives the drawdown notice to the Investor.
Each drawdown may be up to the greater of such amount as is equal to 200% of the average daily traded value during the five days immediately prior to the date the company requests each drawdown, or A$5 million.
A A$500,000 commitment fee would be payable to the Investor, A$250,000 of which may be settled in ordinary shares or cash (at Anteris’ election).
“We are very pleased to partner with Yorkville Advisors. As a long-only fund, Yorkville has deployed over US$5 billion to companies at various stages of their lifecycles around the world with structured solutions such as stand-by equity purchase plans.
“During 2023 Anteris will pass significant milestones on the path to commercialisation. This new capital facility provides us with an ongoing source of capital and will become an integral part of our capital management strategy as we move ahead and significantly expand the patient population implanted with DurAVRTM including our US Early Feasibility Study in 2023.”
Anteris and Yorkville are targeting entering into a binding agreement by the end of February 2023.