Bioniche amends terms of convertible debt with Laurus Master Funds

By Devika Patel

Knoxville, Tenn., Dec. 21 - Bioniche Life Sciences Inc. announced it is renewing and amending the terms of its long-term convertible debt with Laurus Master Funds.

Under the renewed and amended note, the company now will be able to borrow up to $5.5 million, increased from $4 million.

In order to raise the borrowing limit, the formula that determines the company's borrowing capacity had to be reformulated and Bioniche will have to pay a $1 million fee.

This fee will be due when the loan matures in December 2008, or when it is paid in full.

The fee may be paid in shares or cash at the company's option. If paid in shares, the shares will be priced at the 10-day volume weighted average price on the day of payment.

Bioniche is a biopharmaceutical company based in Belleville, Ont.

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