REG - Crystal Amber Fund - Conversion of loan notes in Morphic Medical Inc.

Crystal Amber FundAnnouncement

13/01/2025 07:00

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RNS Number : 0557T  Crystal Amber Fund Limited  13 January 2025

13 January 2025

 

CRYSTAL AMBER FUND LIMITED

("Crystal Amber Fund" or the "Fund")

 

Conversion of loan notes in Morphic Medical Inc.

Crystal Amber Fund (AIM: CRS) announces that further to its announcement of 3
December 2024, the Board of Morphic Medical Inc. ("Morphic" or "Morphic
Medical") has approved the conversion of the Fund's entire interest in
convertible loan notes in Morphic, totalling US$25.4 million and accrued
interest of US$3.0 million, into 194,358,367 common shares in Morphic (the
"Conversion"). The new common shares in Morphic will be issued following
approval of Morphic shareholders at a general meeting and the necessary
amendments to Morphic's Articles of Incorporation. The Fund currently owns
95.3 per cent. of the issued share capital of Morphic.

 

The Notes were converted at a range of share values, ranging from US$0.088 to
US$0.48 per share pursuant to the terms of the respective individual loan
agreements, with an average weighted conversion price of US$0.146 per share.

 

Following the Conversion, the Fund will own an aggregate of 399,462,824 common
shares and preference shares in Morphic, equivalent to 97.6 per cent of
Morphic's share capital as enlarged by the issue of the Conversion shares. A
further announcement will be made once the necessary approvals have been given
and the new shares issued.

 

Contacts:

 

Crystal Amber Fund Limited

Chris Waldron (Chairman) Tel: 01481 742 742

www.crystalamber.com (http://www.crystalamber.com/)

 

Allenby Capital Limited - Nominated Adviser

Jeremy Porter/ Daniel Dearden-Williams Tel: 020 3328 5656

 

Winterflood Investment Trusts - Broker

Neil Langford

Tel: 020 3100 0160

 

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein Tel: 020 7478 9080

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