So much for Ian shutting down his "spite store"What a class act. Nothing at all to say about the death of the company's founder, but they just put out a news release that Ian is going to dig deeper into his bag of gold-dust to keep his clown car chugging along for a few more months. What would we do without Ian and his ready pile o' cash? Or, more to the point, what will we do
with Ian and his obstinate insistance on keeping this zombie company alive from quarter to quarter?
GlobeNewswire
Acerus Pharmaceuticals Corporation (the "Company" or "Acerus") (TSX:ASP; OTCQB:ASPCF) today announced that it has entered into an amending agreement with First Generation Capital Inc. ("First Generation"), a company affiliated with the Chairman of the Board of Directors of Acerus, to increase its existing secured loan facility (the "Loan Facility") from US$30.845 million to US$35.845 million. This increase will be made available to the Company by way of one or more advances under a secured grid promissory note with First Generation provided that any such advance will be made before April 30, 2022.
The Loan Facility bears interest at a rate of eight percent (8%) per annum and is repayable in full on December 31, 2024 but can be prepaid in full or in part without penalty. The proceeds from the Loan Facility will be used for ongoing general working capital.
In light of First Generation's relationship to the Chairman of the Board of Directors of Acerus, the independent members of the Board of Directors, led by the Lead Independent Director, separately met to consider and discuss the amendment to the Loan Facility. Following the review of such independent members of the Board of Directors, it was unanimously determined that the entering into of the amendment to the Loan Facility was in the best interests of Acerus.