Tissue Regenix Group PLC (AIM:TRX) has taken a $500,000 overdraft from its lender MidCap to cover November payroll as it works to pin down its short- and medium-term funding needs.
The group said the facility keeps it solvent while it holds discussions with major shareholders on fresh backing.
A circular is expected later this week. The company still plans to raise money through a convertible loan note, which would give investors the option to convert debt into shares, and said any deal would need shareholder approval.