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Pharming Group N.V.
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Publicatie datum
03 dec 2010 - 07:41
Statutaire naam
Pharming Group N.V.
Titel
PHARMING ANNOUNCES EURO 16.1 MILLION INVESTMENT FROM SOCIUS CAPITAL GROUP
Bericht
Leiden, The Netherlands, December 3, 2010. Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced the Company has entered into a definitive agreement with Socius CG II, Ltd, a subsidiary of Socius Capital Group, LLC (“Socius”), a Delaware limited liability company. Socius, based in New York and Los Angeles, has completed financings with numerous life sciences and other emerging growth companies in the United States and Europe. Pharming will receive €16.1 million gross proceeds in cash in return for non-convertible debt notes and equity if Socius exercises its investment rights.
The €16.1 million investment in Pharming comes from the issuance of ten year debt notes to Socius for the amount of €12 million (the “Pharming Notes”) and €4 million in cash as partial consideration for the issuance of equity to Socius if Socius exercises its €21.2 million investment rights in full. Socius will pay the remaining €17.2 million of its investment rights to Pharming with four year secured loan notes (the “Socius Notes”) with an annually accruing interest rate of 0.65% payable to the Company.
The Socius investments rights totalling a maximum value of €21.2 million are divided between:
? the right to make an equity investment up to €16.1 million in shares, priced at €21.2 cents, which represents yesterday’s closing bid price, and
? the right to acquire warrants up to €5.1 million with a strike price equal to yesterday’s closing bid price of €21.2 cents.
The shares will be delivered to Socius once Pharming has published a prospectus and placed this on its website. Publication of the prospectus is expected in the coming two weeks. The warrants are exercisable after ten trading days following the delivery of the shares.
The Pharming Notes will accrue interest at an annual rate of 10%, which will be deferred. After four years, both sets of notes will be equal in value. At that stage, Socius and Pharming will both have the right to redeem their n
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Datum laatste update: 06 oktober 2024