- Salona Global Medical Device Corporation (SGMD) has announced a private placement of gross proceeds of up to US$10,000,000
- The company intends to offer a minimum of 3,500 and a maximum of 10,000 debenture units at a price of US$1,000 per debenture unit
- Salona plans to use the net proceeds of the offering towards the acquisition of the assets from Biodex Medical Systems
- Salona Global Medical Device Corp. is a US-based, acquisition-focused medical device company
- Salona Global Medical Device Corporation opened trading at C$0.69
Salona Global Medical Device Corp. (SGMD) has announced its intention to embark on a private placement for gross proceeds of up to US$10,000,000.
The company intends to offer a minimum of 3,500 and a maximum of 10,000 debenture units at a price of US$1,000 per debenture unit.
Each debenture unit will consist of a $1,000 principal amount of 10 per cent unsecured subordinated debentures and 1,000 common share purchase warrants of the company.
Each debenture shall mature on the date which is 60 months from the closing of the offering and shall bear interest at an annual rate of 10 per cent from the closing of the offering, payable in cash on the last business day of each calendar quarter.
Each warrant will be exercisable to acquire one common share of the company for a period of 60 months following the closing of the offering at an exercise price of C$0.80 per warrant share, subject to adjustment in certain events.
The company intends to use the net proceeds of the offering towards the acquisition of the assets from Biodex Medical Systems, Inc., announced on November 29, 2022, thereby reducing the amount the company borrows against its existing debt facility, as well as working capital and general corporate purposes.
The offering is expected to close on or about December 22, 2022, and is subject to the receipt of all necessary approvals, including the approval of the Exchange.
Salona Global Medical Device Corp. is a US-based, acquisition-focused medical device company.
Salona Global Medical Device Corporation opened trading at C$0.69.