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Helix BioPharma Corp. Announces Institutional Investment for Gross Proceeds of up to CAD$10 million
RICHMOND HILL, ON / ACCESSWIRE / May 11, 2021 / Helix BioPharma Corp. (TSX:HBP) ("Helix" or ...
About this update from Helix Biopharma Corp.
[{"type":"text","content":"Helix BioPharma Corp. Announces Institutional Investment for Gross Proceeds of up to CAD$10 millionRICHMOND HILL, ON / ACCESSWIRE / May 11, 2021 / Helix BioPharma Corp.(TSX:HBP)(\"Helix\" or the \"Company\"), an immuno-oncology company developing innovative drug candidates for the prevention and treatment of cancer, today announced that it has entered into a definitive convertible security funding agreement (the \"Agreement\") with Lind Global Macro Fund, LP, a New York based institutional investment fund managed by The Lind Partners, LLC (together, \"Lind\"). Under the terms of the Agreement, an initial CAD$3.5 million will be funded pursuant to the issuance of a convertible security (a \"Convertible Security\") which is expected to occur on or around May 12, 2021 (\"First Tranche\"). The Agreement also contemplates the issuance of a second Convertible Security upon the mutual agreement of the Company and Lind for gross proceeds to the Company of up to CAD$6.5 million (the \"Second Tranche\").Each Convertible Security issuable under the Agreement will have a two-year term from the date of issuance and will accrue simple interest rate obligation of 8.75% per annum on the amount funded, which interest shall be prepaid and attributed to the face value of each Convertible Security upon the issuance, resulting in a face value of $4,112,500 for the Convertible Security issuable under the First Tranche. The Company has agreed to pay Lind a 3% commitment fee of the amount funded under the First Tranche and Second Tranche and due upon closing of each such tranche.Lind will be entitled to convert the Convertible Securities into common shares in the capital of the Company (\"Common Shares\") over the term of the applicable Convertible Security, subject to certain limitations, at a conversion price equal to 85% of the five-day trailing volume-weighted average price (\"VWAP\") of the Common Shares prior to the date a notice of conversion is provided to the Company by Lind. The Agreement includes certain restrictions on the maximum face value of each of the Convertible Securities that may be converted in any particular month. In addition, Helix has the option to buy-back 66.7% of the Convertible Securities in cash at any time with no penalty, subject to the option of Lind to convert up to 1/3 of the face value of the applicable Convertible S...