Continuation of support to Esperite's strategy, commercial activities and development of innovative technologies in the field of genetics and regenerative medicines
Amsterdam, The Netherlands - 11 April 2018
As of today, EUR 5,530,000 of notes out of the total commitment amounting to EUR 9 million have been converted into shares and EUR 247,500 of warrants out of a total potential amount of EUR 4,050,000 have been exercised into shares by European Select Growth Opportunities Fund (the "Investor"), therefore strengthening the Group's equity.
The Investor confirms its continuation of support to the development of Esperite's commercial activities and development of innovative technologies in the field of genetics and regenerative medicine and Esperite's strategy towards market development activities and has agreed to subscribe for a new tranche of EUR 400,000 today upon request of Esperite (the "17th Tranche"), although the conditions required under the financing agreement of up to EUR 13 million signed between Esperite and the Investor on March 8, 2017 (the "Agreement") are not currently met, in consideration for an additional commitment fee to waive such conditions.
The Group expects to issue a total of EUR 1,200,000 of principal amount of notes with warrants attached before May 25, 2018. The 17th Tranche is issued pursuant to a request from Esperite dated April 11, 2018 to issue up to EUR 1,200,000 in three tranches of EUR 400,000 principal amount each (the "17th, 18th and 19th Tranches") between today and respectively May 4 and May 25, 2018. The commitment of the Investor to subscribe to the 18th and 19th Tranche is subject to the fact that there will be EUR 50,000 or less of notes outstanding on these two dates.
The 17th Tranche is a private placement of 40 convertible notes with a principal amount of EUR 10,000 each, with 426,540 warrants attached. The notes and the warrants issued under the 18th and 19th, Tranche shall have the same characteristics as those described in the press release dated March 8, 2017.
As from May 25, 2018 or as soon as the 19th Tranche will have been issued, unless agreed otherwise between Esperite and the Investor, the initial terms and conditions of the Agreement will prevail again, including in particular the conditions for the delivery of a request by Esperite and the funding of a tranche by the Investor as described in the press release dated March 8, 2017.