REG - Argent Biopharma Ltd - Refinancing of Convertible Security Agreement

Argent BioPharmaAnnouncement

09/10/2024 07:00

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RNS Number : 5076H  Argent Biopharma Limited  09 October 2024

 

9 October 2024

 

Argent BioPharma Ltd.

(Argent BioPharma or the Company)

 

Refinancing of Convertible Securities Agreement

 

Argent BioPharma, an innovative multidisciplinary drug discovery company
within the biopharmaceutical sector, wishes to advise that it has executed a
further Deed of Variation 1  (#_ftn1) with Mercer Street Global Opportunity
Fund, LLC (Mercer), a fund managed by Mercer Street Capital Partners,  LLC,
a  United  States-based  institutional  fund  manager, in respect of the
convertible securities agreement entered into between the Company and Mercer
in 2020. This includes the refinancing of 300,000 convertible notes from the
2020 convertible note facility (Notes) which currently totals A$1,600,000. A
commercial agreement has been reached by which the minimum conversion price of
the Notes has been reduced from not less than A$10.00 to not less than A$0.30.
Further details in respect of the variation to the Notes are set out below.

 

Variation to 2020 Convertible Securities Agreement

 

As announced on 10 September 2020, the Company entered into an agreement with
Mercer (2020 Agreement), whereby Mercer conditionally agreed to provide the
Company with up to $15 million in funding, via subscriptions for convertible
notes in the Company with a face value of AUD$1.00 each.

As at the date of this announcement 1,600,000 convertible notes pursuant to
the terms of the 2020 Agreement remain in issue.

 

The Company and Mercer have agreed to amend the minimum conversion price of
300,000 Notes under the 2020 Agreement (which had amendments approved at a
meeting of Shareholders 2  (#_ftn2) ) from "not less than $10.00" to "not less
than $0.30". The issue of any conversion shares as a result of the amendment
of the minimum conversion price will be made under the Company's existing
placement capacity under ASX Listing Rule 7.1.

 

The Company intends to seek additional agreements with Mercer to amend the
terms of the remaining 2020 convertible note facility and the 2022 convertible
note facility 3  (#_ftn3) .

 

 

-Ends-

 

 

Authorised for release by the Company Secretary, for further information
please contact:

 

 Argent BioPharma                                             Argent BioPharma

 Roby Zomer                                                   Rowan Harland

 CEO & Managing Director                                      Company Secretary

 +61 8 6555 2950                                              +61 8 6555 2950

 info@argentbiopharma.com (mailto:info@argentbiopharma.com)   info@argentbiopharma.co (mailto:info@argentbiopharma.co.uk) m

 

 

About Argent BioPharma

 

Argent BioPharma Limited (the "Company") (ASX: RGT; LSE: RGT; OTCQB: RGTLF) an
innovative multidisciplinary drug development Company within the
biopharmaceutical sector.  The Company focuses on multidisciplinary methods
with Nanotechnology, developing multi-target therapies for comprehensive
disease management, especially concerning the central nervous system ("CNS")
and Immunology treatments.

 

Follow us through our social media channels:

LinkedIn: Argent BioPharma

Twitter: @ArgentBioPharma

Facebook: Argent BioPharma

 1  (#_ftnref1) Refer to ASX Announcement dated 28 March 2024 for details of
the first variation.

 2  (#_ftnref2) Refer to Notice of Meeting released 28 February 2023.

 3  (#_ftnref3) Refer to ASX Announcement dated 29 July 2022

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