Sydney headquartered medical technology company Next Science Limited (ASX:NXS) has entered into a facility agreement with TIGA Trading under which the lender will provide the company with a US$5 million unsecured loan facility.
TIGA is a company associated with the Thorney Investment Group.
Next Science may draw on the facility to assist with general working capital requirements and for any other corporate purpose of the company that the Lender approves. The Facility will mature on 17 July 2026.
In conjunction with the execution of the Facility Agreement, the parties have signed an option deed under which the company will issue the lender with 5 million options at an exercise price of A$0.42 and with a three-year expiry.
“Next Science reviews its funding requirements on an ongoing basis and believes it has sufficient working capital to meet its obligations,” Next Science’s CEO and Managing Director I.V. Hall said.
“However, as flagged at the 1Q FY24 result, the company has explored funding options to provide a buffer against unexpected financial challenges and the flexibility to respond should investment opportunities arise.
“The unsecured US$5m loan facility with Thorney Investment Group provides access to additional capital, if needed, as we continue to transform key elements of the business.”
