MCI Onehealth Technologies opsizes credit facility... 1:17 AM EST, 01/04/2023 (MT Newswires) -- MCI Onehealth Technologies (DRDR.TO), a healthcare technology company, on Wednesday said it has amended its loan agreement with The First Canadian Wellness Co. Inc., pushing its shares more than 7% higher at last look.
The amendment restates the loan agreement dated June 30, 2022 and increases the amount available to the company from $5 million to $7 million, MCI said.
Consistent with the original agreement, the loan will bear interest at a rate of prime plus 9% per annum. The loan is repayable on the earlier of Dec. 31, 2023, the date when there is a change of control of the company or any refinancing by the company.
MCI said it intends to use the loan proceeds to fund its ongoing operations and for general and administrative expenses.
The company also said that the loan agreement is a related party transaction as George Christodoulou and Sven Grail, directors, co-chairs and control persons of MCI, control the lender