Sernova Biotherapeutics Secures $1 Million Convertible Debt Financing
Sernova Biotherapeutics (SEOVF) has secured a CAD$1 million unsecured convertible debenture financing from board member Dr. Steven Sangha. The debenture, maturing on March 4, 2027, carries a 15% interest rate and is convertible into common shares at CAD$0.20 per share.
The company also issued 5 million non-transferable share purchase warrants, exercisable at CAD$0.20 per share until March 4, 2028. The financing proceeds will be used for working capital. The transaction, classified as a 'related party transaction,' is exempt from formal valuation and minority shareholder approval requirements as it represents less than 25% of the company's market capitalization.
Sernova Biotherapeutics (SEOVF) ha ottenuto un finanziamento in forma di obbligazione convertibile non garantita da 1 milione di CAD dal membro del consiglio Dr. Steven Sangha. L'obbligazione, in scadenza il 4 marzo 2027, ha un tasso d'interesse del 15% ed è convertibile in azioni ordinarie a CAD$0,20 per azione.
L'azienda ha anche emesso 5 milioni di warrant di acquisto azionario non trasferibili, esercitabili a CAD$0,20 per azione fino al 4 marzo 2028. I proventi del finanziamento saranno utilizzati per il capitale circolante. La transazione, classificata come 'transazione con parti correlate', è esente dai requisiti di valutazione formale e approvazione degli azionisti di minoranza poiché rappresenta meno del 25% della capitalizzazione di mercato dell'azienda.
Sernova Biotherapeutics (SEOVF) ha asegurado un financiamiento en forma de debentures convertibles no garantizadas de 1 millón de CAD del miembro de la junta Dr. Steven Sangha. La debenture, que vence el 4 de marzo de 2027, tiene una tasa de interés del 15% y es convertible en acciones comunes a CAD$0,20 por acción.
La empresa también emitió 5 millones de opciones de compra de acciones no transferibles, que se pueden ejercer a CAD$0,20 por acción hasta el 4 de marzo de 2028. Los ingresos del financiamiento se utilizarán para capital de trabajo. La transacción, clasificada como 'transacción con partes relacionadas', está exenta de los requisitos de valoración formal y aprobación de accionistas minoritarios, ya que representa menos del 25% de la capitalización de mercado de la empresa.
Sernova Biotherapeutics (SEOVF)는 이사회 멤버인 Dr. Steven Sangha로부터 100만 캐나다 달러의 무담보 전환 사채 자금 조달을 확보했습니다. 이 사채는 2027년 3월 4일 만료되며, 15%의 이자율을 가지고 있으며 주당 0.20 캐나다 달러로 보통주로 전환할 수 있습니다.
회사는 또한 2028년 3월 4일까지 주당 0.20 캐나다 달러로 행사할 수 있는 500만 개의 양도 불가능한 주식 매입 권리를 발행했습니다. 자금 조달의 수익은 운영 자본에 사용될 예정입니다. 이 거래는 '관련 당사자 거래'로 분류되며, 회사의 시장 자본금의 25% 미만을 차지하므로 공식 평가 및 소액 주주 승인 요구 사항에서 면제됩니다.
Sernova Biotherapeutics (SEOVF) a obtenu un financement par obligation convertible non sécurisée de 1 million CAD de la part du membre du conseil Dr. Steven Sangha. L'obligation, arrivant à échéance le 4 mars 2027, porte un taux d'intérêt de 15% et peut être convertie en actions ordinaires au prix de 0,20 CAD par action.
L'entreprise a également émis 5 millions de bons de souscription d'actions non transférables, exerçables à 0,20 CAD par action jusqu'au 4 mars 2028. Les produits du financement seront utilisés pour le fonds de roulement. La transaction, classée comme une 'transaction avec parties liées', est exemptée des exigences d'évaluation formelle et d'approbation des actionnaires minoritaires, car elle représente moins de 25% de la capitalisation boursière de l'entreprise.
Sernova Biotherapeutics (SEOVF) hat eine unbesicherte wandelbare Anleihefinanzierung über 1 Million CAD von dem Vorstandsmitglied Dr. Steven Sangha gesichert. Die Anleihe, die am 4. März 2027 fällig wird, hat einen Zinssatz von 15% und kann zu einem Preis von 0,20 CAD pro Aktie in Stammaktien umgewandelt werden.
Das Unternehmen hat außerdem 5 Millionen nicht übertragbare Aktienkaufwarrants ausgegeben, die bis zum 4. März 2028 zu 0,20 CAD pro Aktie ausgeübt werden können. Die Erlöse aus der Finanzierung werden für das Betriebskapital verwendet. Die Transaktion, die als 'Transaktion mit nahestehenden Parteien' klassifiziert ist, ist von den Anforderungen an die formelle Bewertung und die Genehmigung von Minderheitsaktionären befreit, da sie weniger als 25% der Marktkapitalisierung des Unternehmens ausmacht.
- Secured CAD$1M additional working capital
- Support from insider investor shows confidence
- High 15% interest rate indicates expensive financing
- Potential dilution at CAD$0.20 conversion price
- Related party transaction raises governance concerns
LONDON, Ontario and BOSTON, March 05, 2025 (GLOBE NEWSWIRE) -- Sernova Biotherapeutics, (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing its Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes, today announced a CAD
The debenture is repayable on March 4, 2027, unless earlier converted or redeemed, and carries a
The issuance of debentures and warrants to Dr. Sangha is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of issuance of debentures and warrants to Dr. Sangha as the fair market value of the transaction does not exceed
ABOUT SERNOVA BIOTHERAPEUTICS
Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem cell-derived cell therapies to create bio-hybrid organs to treat chronic diseases. A bio-hybrid organ is comprised of non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on type 1 diabetes and thyroid disorders.
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Burke VP, Investor Relations (917) 751-5713 Email: David.Burke@sernova.com Website: https://sernova.com/
The TSX has not reviewed this news release and does not accept responsibility for the accuracy or adequacy of this news release.
FAQ
What are the key terms of Sernova's (SEOVF) March 2025 convertible debenture financing?
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