BSF Enterprise (LSE:BSFA), a leading innovator in tissue-engineered materials, has secured a £1m interest‑free convertible loan note from Indigo Capital LP.
The 12-month, zero-coupon facility converts at a price equal to 85% of the lowest five-day volume-weighted average price immediately preceding a conversion notice and is intended to support the company's ongoing commercial activities and product development programmes.
Any unconverted balance will convert at maturity subject to customary restrictions and the company may elect to redeem any outstanding CLN at 125% of its nominal value.
In connection with the CLN the company has agreed to issue Broker Warrants to Bowsprit Partners in consideration for services provided on the transaction, and those warrants will be exercisable for three years from issue.
"The facility provides additional working capital and financial flexibility as we continue to develop our commercial opportunities across the Company's tissue‑engineered product portfolio," Geoff Baker, Chairman, said.
