En weeral goed nMithra has access to the new EUR 12.5 million tranche of the
Highbridge/Whitebox loan facility
Liege, Belgium, 21 June 2023 – 20:40 CEST – Mithra Pharmaceuticals SA (Euronext Brussels: MITRA)
(the "Company" or "Mithra"), a company dedicated to Women's Health, today announces that it
obtained access to a new tranche of the amended loan facility concluded with funds managed by
Highbridge Capital Management, LLC ("Highbridge") and funds managed by Whitebox Advisors, LLC
("Whitebox", and together with Highbridge, each a "Lender") for an amount of EUR 12.5 million.
On 8 August 2022, the Company and the Lenders entered into an initial three-year term senior secured
convertible facilities agreement for an amount of up to EUR 100 million. The first tranche of EUR 50
million was drawn upon signing of the agreement, and the second tranche of EUR 25 million was drawn
on 31 October 2022. Today, a principal amount of EUR 48,860,161.29 of the amounts already drawn
under the loan facility remains outstanding .
The amendments to the loan facility that were announced by the Company on 25 May 2023 have now
been formalised. The amendments include, amongst others, the access to the aforementioned tranche
of EUR 12.5 million, the change of the conversion price of the principal amount of the convertible loans
from a floating conversion price to a fixed conversion price (subject to certain customary anti-dilution
and takeover protections), and an increase of the interest of the loans.
The Company expects the completion of the drawdown of the new tranche in the coming days. Upon
completion of the drawdown, the Lenders will be entitled to the last portion of the commitment fee
due to the Lenders under the loan facility, representing 25% of an aggregate amount of
EUR 2,911,372.65, which shall be settled in 91,663 shares of the Company at a price per share of
EUR 7.9401.
In order to be able to draw the new tranche, a meeting of the board of directors of the Company has
been held to approve the amended conversion features of the loan facility under the authorised capital
of the Company for an amount up to EUR 19 million (issue premium excluded, as the case may be). A
copy of the relevant reports of the Company's board of directors and statutory auditor that have been
put in place for this purpose will be available on the Company's website. In addition, the Company will
convene an extraordinary general shareholders' meeting in order to approve the issuance of additional
new shares to cover the amended conversion feature of the loans.
The amendments to the loan facility and access to the new tranche of EUR 12.5 million come in
addition to other measures to improve the Company's financial health that were announced earlier by
the Company, such as the EUR 2.5 million equity raising by the Company through the issuance of
1,136,364 new shares to the Lenders that was completed on 25 May 2023, the sale of 4,221,815 shares
of Mayne Pharma Group Limited that was announced on 16 June 2023, the exploring of potential
options to maximize the value of the Company's CDMO facility, and a licensing deal for U.S. marketing
rights for Donesta®. The Company could also consider selling additional assets, as and when an
opportunity would ariseieuws ......