- PreveCeutical Medical (PREV) has signed a $3 million credit facility agreement with its CEO and Chair, Stephen Van Deventer, and its former president and director, Kimberly Van Deventer
- The convertible credit facility agreement has a simple annual interest of 10 per cent
- Part of the credit will be used by the company for product development, general corporate, and working capital purposes
- PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products
- PreveCeutical Medical Inc. opened the day’s trading at $0.025 per share
PreveCeutical Medical (PREV) has signed a $3 million credit facility agreement.
The agreement is with the company’s Chief Executive Officer and Chair, Stephen Van Deventer, and the company’s former president and director, Kimberly Van Deventer.
On July 18, 2022, the company entered into the convertible credit facility agreement with the two lenders with a simple annual interest of 10 per cent.
Any outstanding principal and accrued interest will be convertible into fully paid and non-assessable common shares in the capital of PreveCeutical at a conversion price of $0.025 per share in accordance with the terms of the agreement.
In line with the agreement, the lenders have consolidated specific outstanding principal and accrued interest for existing credit facilities with the company. They have transferred an aggregate of $2,448,785.75 to the agreement. These credit facilities agreements were terminated effective July 18, 2022.
The proceeds available under the agreement will be used for product development, general corporate, and working capital purposes.
As the lenders are current and/or former directors and executive officers of the company, the agreement constitutes a related party transaction in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
PreveCeutical is a health sciences company developing innovative options for preventive and curative therapies utilizing organic and natural products.
PreveCeutical Medical Inc. opened the day’s trading at $0.025 per share.