June 24, 2020 / 3:59 PM / 16 days ago

BRIEF-MagForce To Issue Convertible Bonds For Up To EUR 15 Million

June 24 (Reuters) - MAGFORCE AG:

* ENTERS INTO AN AGREEMENT WITH YORKVILLE ADVISORS GLOBAL LP TO ISSUE CONVERTIBLE BONDS IN THE AMOUNT OF UP TO EUR 15 MILLION

* TODAY SIGNED AN AGREEMENT WITH U.S. INVESTMENT FIRM YORKVILLE ADVISORS GLOBAL LP (“YORKVILLE”) FOR A GROWTH FINANCING VIA CONVERTIBLE NOTES OF UP TO EUR 15 MILLION TO BE DRAWN IN PROBABLY UP TO FIVE TRANCHES

* FIRST TRANCHE OF EUR 2.5 MILLION EACH IS EXPECTED TO BE DRAWN SHORTLY

* FINANCING ENABLES MAGFORCE TO FURTHER IMPLEMENT ITS COMMERCIAL STRATEGY AND SUPPORT ROLL-OUT OF ITS NANOTHERM THERAPY TREATMENT SYSTEM

* YORKVILLE IS OBLIGATED TO PURCHASE CONVERTIBLE NOTES IN A TOTAL NOMINAL AMOUNT OF UP TO EUR 15 MILLION AT AN ISSUE PRICE CORRESPONDING TO 95% OF NOMINAL AMOUNT UNTIL JUNE 2023

* MAY, AT ITS OWN DISCRETION, ISSUE NEXT TRANCHE OF CONVERTIBLE NOTES TO YORKVILLE UNDER CERTAIN CONDITIONS

* UNSECURED CONVERTIBLE NOTES EACH HAVE A TERM OF 12 MONTHS AND ARE CONVERTIBLE INTO MAGFORCE SHARES DURING TERM BY HOLDER OF CONVERTIBLE NOTES

* CAN EXTEND TERM OF NOTES BY UP TO 6 MONTHS AGAINST A CASH FE

* INTEREST IS NOT PAID DURING TERM OF NOTES

* CONVERTIBLE NOTES ARE ISSUED WITHOUT SUBSCRIPTION RIGHTS FOR EXISTING SHAREHOLDERS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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