RE: RNS20 Apr 2020 10:06
Tissue Regenix Group plc
Additional US government-backed loan secured
Leeds, 20 April 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue Regenix", the "Group" or the "Company"), the regenerative medical devices Company, announces that the Group has received a further $417,000 loan (the "Loan") under the US government backed COVID-19 business support scheme. The funds in respect of the Loan have already been received by the Company.
This funding is in addition to the receipt of a US government-backed loan of $629,000, announced on the 15 April 2020, and combined, offer over $1m of US government support during the COVID-19 pandemic.
Both Loans are subject to the same conditions, which include a two-year term and carry a 1% annual interest rate deferred for six months. However, under the Loan agreements, the principal will not require repayment if the funds are used to support employee payroll, healthcare, utilities and rent payments within the US during the next two months. The Company intends to use the funds to support these activities and therefore expects the Loan not to require repayment.