InNexus Biotechnology Announces a Loan Facility of up to USD$2.5 Million
The loan facility, subject to final approval of the TSX, bears interest at 12.5% payable in cash or in Common Shares of InNexus, subject to regulatory approval, and matures 6 months from the date of drawdown. InNexus is entitled to extend the term for a further 6 months. The loans are repayable at any time subject to a 5% penalty. In connection with the loan, InNexus will issue to the lenders at closing common share purchase warrants obtained by a) dividing each lender’s loan value by b) the then prevailing market price c) multiplied by 25%. Each warrant will entitle the holder to acquire one common share of InNexus at a price equal to the then prevailing market price, which shall be the same as b), above. The purchase warrants are exercisable for the earlier of a period of 60 months from closing or complete repayment of the loan.
Proceeds of the loan facility are intended to be used for paying current liabilities and operating expenses for InNexus’ continued research and development programs.
Concurrently, InNexus announces the resignations of
InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its DXL technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL antibodies utilize unique, novel and patented methods and technologies of InNexus.
InNexus is headquartered in
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SOURCE InNexus Biotechnology Inc.