Anteris Technologies Ltd (ASX:AVR) (OTCMKTS:AMEUF) (FRA:DDF) has closed the first tranche under a convertible security and share purchase agreement to Mercer Street Global Opportunity Fund LLC with A$2.5 million raised before costs.
AVR has issued 291,545 shares to Mercer for gross proceeds of $1 million as well as the first tranche convertible notes with a A$1.62 million face value to raise a further A$1.5 million.
Issue of securities
As consideration for Mercer entering into the agreement with Anteris, the company has also issued the following securities to Mercer:
- 50,000 fully paid ordinary shares; and
- 150,000 three-year options to purchase new shares in the company at an exercise price of A$10.
The following issues of securities to Mercer remain subject to shareholder approval:
- Second tranche convertible notes with A$1.08 million face value to raise A$1 million; and
- 350,000 three year options to purchase new shares in the company at an exercise price of A$10 (with a fee of A$250,000 payable if the issue of these options are not approved).
Funding package to develop DurAVR™
Anteris recently unveiled an up to A$20 million funding package to provide additional working capital as it advances the development of DurAVR™, its 3D single-piece aortic valve for the treatment of aortic stenosis.
The package from New York-based investment fund Mercer Street Global Opportunity Fund LLC includes A$2.5 million, to be initially drawn down upon completion of the conditions precedent.
A primary component is a A$16.5 million discretionary drawdown facility.