Amphion Innovations (AMP)


Amphion draws down additional $1.5m

Amphion Innovations has agreed terms for the draw-down of an additional $1,500,000 under the loan facility announced on 5 June 2014 in two tranches of $750,000.

Amphion said the first tranche was available yesterday on the signing of the agreement and the second tranche would become available on 1 July.

Amphion said the current loan balance under the facility after both tranches of the additional draw would be US $6,149,011, which may be repaid in cash or ordinary shares - $3m at 6p per share and the remainder at 8p per share.

The interest rate for the additional draw is 10% with repayment to be added to the outstanding balance and amortised over the remaining life of the loan, which matures on 15 December 2017.

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

The current loan under the facility is secured by the pledge by the company of 42,461,625 ordinary shares of Motif Bio plc.

Amphion has transferred the legal title to, but retains the beneficial interest in, the total pledged shares.

At 8:37am: (LON:AMP) Amphion Innovations PLC share price was 0p at 3p