RE: Awakn news29 Dec 2024 18:15
Awakn Life Sciences Corp. Announces Unsecured Credit Facility of Up to USD 535,000 from an Arm's Length Creditor
December 18, 2024 at 08:38 am EST
Awakn Life Sciences Corp. announce that it has obtained an unsecured credit facility of up to USD 535,000 (the "Facility") from an arm's length creditor of the Company, which can be drawn upon by the Company in multiple advances, and which is evidenced by a grid promissory note issued by the Company (the "Grid Note"). The principal drawn under the Facility shall become due and payable on December 5, 2026 (the "Maturity Date"), and bears interest at 10% per annum also payable on the Maturity Date.
The Grid Note contains certain other customary financial and other covenants and any principal drawn will be used for general working capital purposes. The Facility is intended to provide the Company with immediate capital while it continues to advance its research and development projects, and seek out other potential sources of capital.