Belgium, 31 October 2022 – 7:30 CET – Mithra Pharmaceuticals SA (Euronext Brussels: MITRA) (the “Company” or “Mithra”), a company dedicated to women’s health, announces today that it obtained access to the second tranche of the loan facility concluded with funds managed by Highbridge Capital Management, LLC (“Highbridge“) and funds managed by Whitebox Advisors, LLC (“Whitebox“, and together with Highbridge, each a “Lender”) for an amount of EUR 25 million.
On 8 August 2022, the Company and the Lenders entered into a three-year term senior secured convertible facilities agreement for an amount of up to EUR 100 million, to be drawn in three tranches, with a maximum amount outstanding at any time not greater than EUR 65 million or, depending on the satisfaction of certain conditions, EUR 75 million. The first tranche of EUR 50 million was drawn upon signing of the agreement. Now that the Company has access to the second tranche of EUR 25 million following the satisfaction of the relevant conditions under the senior secured convertible facilities agreement, the second tranche is expected to be drawn today or in the following days. The third tranche can be drawn subsequently, subject to certain conditions, for an amount of up to EUR 25 million.
In addition to the access to the second tranche of the loan facility, the Company received several commercial offers from interested partners for a license and supply agreement for Donesta®, as announced in the context of the Company’s H1 2022 results. Negotiations are ongoing, and the Company reiterates it expects to announce binding terms during the fourth quarter of 2022.
Upon completion of the drawdown of the second tranche of the loan facility, and taking into account the amounts of the outstanding loans that have already been converted through contributions in kind completed pursuant to the loan facility by the Lenders, the outstanding aggregate principal amount of the loans drawn under the first and second tranches of the loan facility will be of EUR 59,326,161.29
Upon drawdown of the second tranche of the loan facility, the Lenders will be entitled to a second portion of the commitment fee, representing 10% of the aggregate amount of EUR 2,911,372.65, which shall be settled in shares of the Company at a price per share of EUR 7.9401. A first portion representing 65% of the commitment fee was already settled in shares at the time of the first drawing.