- Britannia Life Sciences (BLAB) closes of £5,000,000 loan facility
- Proceeds to be used to repay Sellers’ Note and acquire an additional 10 per cent of ADSL
- Five-year term provides the company with significant financial flexibility
- Five-year term, 9.5 per cent interest rate, no equity kickers
- Britannia Life Sciences Inc. is a global platform offering an integrated suite of services to assist companies along their product development journey
- Britannia Life Sciences Inc. (BLAB) opened trading at C$0.185 per share
Britannia Life Sciences (BLAB) has closed a £5,000,000 loan facility.
The proceeds of the loan facility will be used to repay, in full, the remaining amounts due to the vendors of Advanced Development & Safety Laboratories Limited under the sellers’ note agreement and to fund the acquisition of an additional 10 per cent interest in ADSL.
Upon completing the additional ADSL purchase, Britannia will own a 70 per cent interest in ADSL, Britannia’s largest operating subsidiary.
“We’re tremendously pleased to complete this financing, which allows us to repay the Sellers’ Note in full and further consolidate our ADSL ownership,” commented Britannia CEO Peter Shippen.
“We sincerely appreciate the ongoing support and cooperation of the vendors and our shareholders in helping us achieve this important milestone which strengthens the foundation for our continued growth,” added Shippen.
The loan facility is being extended by an affiliate of BOOST & Co Limited, a UK-based private lender providing growth capital and venture debt to small and medium-sized enterprises.
The loan facility consists of a five-year secured term loan facility bearing interest at varying margins based on the Sterling Overnight Interbank Average (SONIA) rate.
It was also fully drawn by Britannia at closing and currently bears interest of 9.5 per cent. There were no equity incentives provided to the lender concerning the loan.
Britannia Life Sciences Inc. is a global platform offering an integrated suite of services to assist companies along their product development journey.
Britannia’s services, including product formulations, safety assessments, analytical and microbiological testing, global compliance, and consumer evaluations, are offered to companies ranging from multinationals to startups, particularly in the cosmetics, food, and wellness industries.
Britannia Life Sciences Inc. (BLAB) opened trading at C$0.185 per share.