Debt Day or D-Day is June 19, 2013 https://www.bioexx.com/article/bioexx-refinance-debt-increased-loan-facility
TORONTO, ONTARIO – June 7, 2012 – BioExx Specialty Proteins Ltd. (TSX: BXI), the first company to commercialize a new and complete food-grade protein from a major global crop in 50 years, announced today that it has received a Commitment Letter from Romspen Investment Corporation (“Romspen”) for the provision of a $6,400,000 term debt facility, to improve the Company’s financial strength and working capital position. The Romspen loan will provide increased flexibility and a more solid footing for the Company as it continues its progress on its key mandates. Efforts and resources remain focussed, and progress continues, on the final stages of external engineering scale-up work for its Saskatoon plant, as well as completion of a strong strategic partnership transaction or transactions.
Proceeds of the Romspen loan will be used to pay out the Company’s existing debt facility with Farm Credit Canada, in the amount of approximately $4,000,000, with the balance to be used for working capital and general corporate purposes.
Romspen will have a first secured interest in the Company’s Saskatoon plant and a general security agreement covering the balance of the Company’s assets. The Romspen loan is a one-year term debt facility, with interest accruing at 12% during the term, and the principal amount and accrued interest due at maturity. Romspen has also been granted 10,000,000 share purchase warrants with a term of 5 years and an exercise price equal to $0.088, based on the 10-day volume weighted average trading price of the Company’s common shares as at June 5, 2012. Closing of the loan facility is subject to customary conditions on similar transactions and is expected to occur on or about June 19, 2012.
“We remain on course in the execution of our strategy, and are pleased to be bolstering our cash position to provide greater strength and flexibility as we move forward through scale-up engineering and our strategic partner process,” said BioExx CEO, Chris Schnarr.
Chris Spinnerama will have another story on this one - more dilution with more debentures
there are more creditors to take the out the plant proceeds more write downs to come
wait for the Q1 2013 financials at end of May