9
October 2024
Argent BioPharma
Ltd.
(Argent BioPharma or the Company)
Refinancing of Convertible
Securities Agreement
Argent BioPharma, an innovative
multidisciplinary drug discovery company within the
biopharmaceutical sector, wishes to advise that it has executed a
further Deed of Variation[1] with Mercer
Street Global Opportunity Fund, LLC (Mercer), a fund
managed by Mercer Street Capital Partners, LLC, a
United States-based institutional fund
manager, in respect of the convertible
securities agreement entered into between the Company and Mercer in
2020. This includes the refinancing of 300,000 convertible notes
from the 2020 convertible note facility (Notes) which currently totals
A$1,600,000. A commercial agreement has been reached by which the
minimum conversion price of the Notes has been reduced from not
less than A$10.00 to not less than A$0.30. Further details in
respect of the variation to the Notes are set out below.
Variation to 2020 Convertible
Securities Agreement
As announced on 10 September 2020,
the Company entered into an agreement with Mercer (2020 Agreement), whereby Mercer
conditionally agreed to provide the Company with up to $15 million
in funding, via subscriptions for convertible notes in the Company
with a face value of AUD$1.00 each.
As at the date of this announcement
1,600,000 convertible notes pursuant to the terms of the 2020
Agreement remain in issue.
The Company and Mercer have agreed
to amend the minimum conversion price of 300,000 Notes under the
2020 Agreement (which had amendments approved at a meeting of
Shareholders[2]) from "not less than $10.00" to
"not less than $0.30". The issue of any conversion shares as a
result of the amendment of the minimum conversion price will be
made under the Company's existing placement capacity under ASX
Listing Rule 7.1.
The Company intends to seek
additional agreements with Mercer to amend the terms of the
remaining 2020 convertible note facility and the 2022 convertible
note facility[3].
-Ends-
Authorised for release by the Company Secretary, for further
information please contact:
About Argent
BioPharma
Argent BioPharma Limited (the
"Company") (ASX: RGT; LSE:
RGT; OTCQB: RGTLF) an innovative multidisciplinary drug development
Company within the biopharmaceutical sector. The Company
focuses on multidisciplinary methods with Nanotechnology,
developing multi-target therapies for comprehensive disease
management, especially concerning the central nervous system
("CNS") and Immunology treatments.
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LinkedIn: Argent
BioPharma
Twitter: @ArgentBioPharma
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BioPharma