Amphion Innovations (AMP)


Amphion draws down additional $500,000

Amphion Innovations has agreed terms for the draw-down of an additional tranche of $500,000 under the loan facility announced on 5 June 2014.

The current loan balance under the facility after the additional draw will be $5,800,000.

The additional draw may be converted into ordinary shares of Amphion in accordance with the additional terms of the facility announced on 22 August 2016.

Under the terms of the additional draw, the interest rate will be 10% with repayment to be added to the outstanding balance and amortised over the remaining life of the loan, which matures on 1 December 2017.

The proceeds are to be used for working capital for Amphion and its partner companies.

The additional draw is secured by the additional pledge by the company of 14,500,000 ordinary shares of Motif Bio, bringing the total amount pledged to 4,139,255 ordinary shares of Kromek Group and 42,461,625 ordinary shares of Motif Bio.