SRBCF - Sirona Biochem Provides Update on Loan | Benzinga
VANCOUVER, British Columbia, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSXV:SBM) (FSE: ZSB) (OTC:SRBCF) ("Sirona" or the "Company") announce that, further to its news release on January 29, 2024, it has entered into an amendment to the demand grid promissory note dated September 22, 2023 (the "Amended Note") with 0906462 B.C. Ltd. (the "Lender"). The Amended Note evidences a loan in the aggregate principal amount of up to $1,000,000 (the "Loan"). Pursuant to the terms and conditions of the Amended Note:
(a) the Loan is repayable on demand by the Lender at any time following the one-year anniversary of the date of the applicable advance;
(b) the Loan bears interest at a rate of 12% per annum, calculated yearly not in advance; and
(c) the Company has agreed to, subject to TSX Venture Exchange approval ("TSXV Approval"), issue the Lender 450,000 common shares in the capital of the Company ("Bonus Shares") at a price of $0.12 per Bonus Share, as consideration for the risks taken by the Lender in providing the Company the Loan.
The Company has drawn on the Loan in six installments from September 22, 2023, to December 29, 2023. The current outstanding balance on the Loan is $540,000 and as of January 31, 2024, ...