By Devika Patel
Knoxville, Tenn., Feb. 20 - OccuLogix, Inc. received $3 million in a bridge loan on Feb. 19, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The loan matures in 180 days and carries a 12% coupon. Its term may be extended to 270 days under certain conditions.
The loan is secured by 50.1% of the outstanding capital shares of the company's subsidiary, OcuSense, Inc.
Marchant Securities Inc. was the collateral agent and will be paid a 6% commission.
Boston-based OccuLogix develops ophthalmic devices to treat age-related eye diseases.
| Issuer: | OccuLogix, Inc.
|
| Issue: | Bridge loan
|
| Amount: | $3 million
|
| Maturity: | 180 days
|
| Coupon: | 12%
|
| Warrants: | No
|
| Agent: | Marchant Securities Inc.
|
| Fees: | 6%
|
| Settlement date: | Feb 19
|
| Stock symbol: | Nasdaq: OCCX
|
| Stock price: | $0.0898 at close Feb. 19
|
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