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ZYUS Life Sciences Corporation Announces Close of Unsecured Loan and Amendment to Prior Unsecured Loans
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Zyus Life Sciences Corporation
[{"type":"text","content":"ZYUS Life Sciences Corporation Announces Close of Unsecured Loan and Amendment to Prior Unsecured Loans\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n\n\n ZYUS Life Sciences Corporation (the “\n \n Company\n \n ”) (TSX-V: ZYUS), a Canadian-based life sciences company focused on the development and commercialization of novel cannabinoid-based pharmaceutical drug candidates for pain management, is pleased to announce that an independent director of the Company (the “\n \n Lender\n \n ”) has advanced a CAD$1,500,000 unsecured loan (the “\n \n Loan\n \n ”) to the Company which closed on March 7, 2025, subject to the Company filing notice of the Loan with the TSX Venture Exchange. The Loan bears interest at an annual rate of 12%, is payable on maturity, is pre-payable by the Company at any time without penalty or premium and matures on March 28, 2027. The Company intends to utilize proceeds from the Loan for general working capital purposes.\n \n\n In addition to advancement of the Loan, the Company is pleased to announce that the unsecured loans entered into on October 1, November 5 and December 20, 2024 (the “\n \n Prior Unsecured Loans\n \n ”), collectively having a current principal balance amount outstanding of CAD$5.0 million, have had their maturity dates of April 1, May 5, and June 20, 2025, respectively, extended to March 28, 2027 in exchange for consideration noted below (the “\n \n Unsecured Loan Amendments\n \n ”). With respect to the Prior Unsecured Loans, the Lender has no right or obligation to participate in any future equity offerings by the Company and any participation in such future offerings as it as it relates to the Prior Unsecured Loans is subject to approval of the TSX Venture Exchange. All other terms of the Prior Unsecured Loans remain as previously disclosed.\n \n\n As consideration for providing the Loan and for providing the Unsecured Loan Amendments, the Lender will receive an aggregate of 4,875,000 common share purchase warrants (the “\n \n Warrants\n \n ”) which have an expiry date two years from the date of issuance, subject to acceleration as described below. Each Warrant wi...