Beroni Group Issues US$2 Million of Convertible Notes to Fund Research and Development Plans
Beroni Group (OTCQX: BNIGF) announced the issuance of US$2 million in convertible notes to a Japanese investor. The offering includes 20,000 notes with a face value of US$100 each, maturing on May 27, 2022, and an interest rate of Nil. Convertible notes can be converted into shares at a price of US$10 per share. The funds raised will support the Company's research and development initiatives. Hibiki Financial Advisor Co. Ltd acted as the Lead Manager for this offering.
- Raised US$2 million through convertible notes.
- Funding will support research and development programs.
- Convertible notes carry risk of dilution for existing shareholders.
- No interest is being paid on the convertible notes.
NEW YORK and SYDNEY, Australia, May 28, 2021 (GLOBE NEWSWIRE) -- Beroni Group (OTCQX: BNIGF; NSX: BTG) (“Beroni” or the “Company”), an Australia-based diversified biopharmaceutical enterprise today announced that it has raised US
- Number of Convertible Notes – 20,000
- Face value of each Convertible Note – US
$100 - Maturity Date – May 27, 2022
- Interest Rate – Nil
- Some or all of the Convertible Notes can be converted at the election of the Convertible Noteholder at any time prior to maturity.
- The Number of Shares to be issued to the Convertible Noteholder in respect of each Convertible Note will be calculated by dividing the Face Value of the Notes by the Conversion Price of US
$10. - If, upon the uplisting of the Company on Nasdaq or NYSE, the Issue Price is lower than the Conversion Price, additional convertible notes will be issued to the Convertible Noteholder that would have been issued if the Convertible Notes were issued at the Issue Price instead of the Conversion Price.
Funds raised from the Convertible Notes will be used for funding the research and development programs of the Company.
Hibiki Financial Advisor Co. Ltd of Japan acted as the Lead Manager to the offer.
About Beroni Group Limited
Beroni Group is an international biopharmaceutical enterprise dedicated to the innovation and commercialization of drugs and therapies to combat various global diseases such as cancer and infectious diseases. Its diversified portfolio is comprised of US FDA/CE approved virus diagnostic kits, an e-commerce platform for the sale of pharmaceutical products and a development pipeline targeting oncology and cell therapies. Beroni has operations in Australia, United States, China and Japan. To learn more about Beroni, please visit www.beronigroup.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements or forward-looking information, within the meaning of applicable United States and Australian securities laws with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “intend”, “believe”, “potential” and similar expressions.
Forward-looking information contained in this press release is based on Company management’s opinions, estimates and assumptions in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Forward-looking statements involve significant risks, uncertainties and assumptions, and there can be no assurance that such statements, or its underlying risks, uncertainties and assumptions will prove to be accurate. Factors that could cause actual results or events to differ materially include, without limitation, risks related to laws, rules and regulation applicable to the Company as well as the industry in which it operates (including in respect of taxes and other levies), economic or market conditions on both a national and global level, currency fluctuations, risks inherent to other entities at a similar stage of development and industry in which the Company currently is, competition from the Company’s competitors, unsatisfactory development or marketing of the Company and/or its products or services, regulatory action or litigation (including product liability claims), and failure to enter into agreements or arrangements with other parties on fair or reasonable terms. Forward-looking information is made only as of the date on which it is provided and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update such forward-looking information whether as a result of new information, future events or otherwise.
For more information, please contact our IR consultants at:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: BNIGF@dgipl.com
FAQ
What are the terms of Beroni Group's convertible notes issued on May 28, 2021?
How much capital did Beroni Group raise from the convertible notes?
What will the funds from Beroni Group's convertible notes be used for?
Who acted as the Lead Manager for Beroni Group's convertible notes offering?
What happens if the Issue Price is lower than the Conversion Price for Beroni Group's convertible notes?
