Amphion Innovations Plc (LON:AMP), the developer of medical, life science, and technology businesses, is to draw down an additional US$1.5mln from its loan facility.
The draw-down will occur in two tranches of US$750,000, with the first tranche already in Amphion’s coffers and the second tranche set to become available at the beginning of July.
The US$1.5mln being drawn down lifts the amount borrowed under the terms of the draw-down facility to US$6.15mln, which may be repaid in cash or Amphion shares.
The interest rate on the latest tranche is 10%.
Funds from the latest draw-down will be used for working capital for Amphion and its partner companies.