Related Party Transactions
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All references to C$ in this announcement are to Canadian Dollars.
This Announcement assumes a £ : C$ exchange rate of 1 : 1.71690 and a £ : US$ exchange rate of 1 : 1.25155 as at 16:30 (GMT) on 1 May 2024.
Ondine Biomedical Inc.
("Ondine" or the "Company")
Related Party Transactions
Ondine Biomedical Inc. (AIM: OBI), a Canadian life sciences company, announces the following interim funding arrangements with related parties which were entered into in advance of a planned fundraising to extend working capital runway (the "Fundraising"), which was previously mentioned in the Company's announcement of 24 April 2024.
The Company is close to finalising arrangements for the Fundraising which will comprise a placing and a subscription (respectively, the "Placing" and the "Subscription"). The net proceeds of the Fundraising will be used for general working capital, US Phase 3 Clinical Trial readiness and start-up preparation, and to support the Company's rapid sales growth of its Steriwave® nasal decolonisation therapy. A further announcement is expected shortly in relation to the launch of the Fundraising.
Related Party Transactions
On 10 April 2024, substantial shareholder and CEO, Carolyn Cross, advanced a payment of US$160,000 (equivalent to £127,841) to the Company (the "Director Payment"), as a lead indication in the upcoming Fundraising as detailed above. In consideration, Carolyn Cross will be issued shares in the Subscription at the expected issue price on the same terms as all other participants in the Fundraising.
On 26 April 2024, Robert Cross, the husband of Carolyn Cross and substantial shareholder in the Company, advanced C$350,000 (equivalent to £203,856) to the Company (the "Related Party Loan"). The Related Party Loan accrues no interest, is unsecured and is expected to become repayable by mutual agreement between the lender and the Company upon completion of a subsequent fundraising or, at the sole discretion of the Company, may be repaid earlier.
Although not assessed at the time of entry into these arrangements, in aggregate the Director Payment and the Related Party Loan, are deemed to constitute related party transactions for the purpose of AIM Rule 13. Further disclosures are expected to be made shortly in relation to the Company's AIM Rule 13 obligations in respect of these transactions.
Ondine Biomedical Inc.
| Angelika Vance, Corporate Communications | +001 604 838 2702 |
| Singer Capital Markets (Nominated Adviser and Joint Broker) | |
| Aubrey Powell, Asha Chotai, Sam Butcher | +44 (0)20 7496 3000 |
| RBC Capital Markets (Joint Broker) | |
| Rupert Walford, Kathryn Deegan | +44 (0)20 7653 4000 |
| Vane Percy & Roberts (Media Contact) | |
| Simon Vane Percy, Amanda Bernard | +44 (0)77 1000 5910 |
About Ondine Biomedical Inc.
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