By Devika Patel
Knoxville, Tenn., April 29 - LAB Research, Inc. said it arranged a C$7.5 million loan with Investissement Québec. The loan is expected to be disbursed in various tranches before the end of May.
The loan, which will bear interest at a floating rate, will be secured by the company's Canadian assets.
Investissement Québec will also receive three-year warrants for 897,290 common shares, which will be exercisable at a price corresponding to the weighted average trading price of the company's common shares on the Toronto Stock Exchange for the five days preceding the settlement.
Proceeds will be used for general working purposes.
LAB Research, based in Laval, Quebec, provides non-clinical contract research services to the pharmaceutical and biotechnology industries.
| Issuer: | LAB Research, Inc.
|
| Issue: | Loan
|
| Amount: | C$7.5 million
|
| Coupon: | Floating rate
|
| Price: | Par
|
| Yield: | Variable
|
| Warrants: | For 897,290 shares
|
| Warrant expiration: | Three years
|
| Investor: | Investissement Québec
|
| Settlement date: | April 29
|
| Stock symbol: | Toronto: LRI
|
| Stock price: | C$0.27 at close on April 28
|
| Market capitalization: | C$7.05 million
|
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