pcJ News Briefs – Crescita Therapeutics Inc. (TSX: CTX) has closed previously announced $1.0 million convertible debenture financing with Bloom Burton Healthcare Lending Trust and Bloom Burton Healthcare Lending Trust II.
Crescita Therapeutics intends to use proceeds to repay indebtedness and for general corporate purposes.
Managed by Stratigis Capital Advisors Inc., Bloom Burton Healthcare Lending Trust I and II provide debt or debt-like capital to emerging commercial-stage Canadian healthcare companies with assets and cash-flow to support debt, but seeking funding amounts not provided by traditional lenders.
photo credit: andreas160578 via pixabay
News Release
Crescita Therapeutics™ Announces Completion of $1.0 million Convertible Debenture Financing with Bloom Burton Funds
MISSISSAUGA, ON, Aug. 29, 2017 /CNW/ – Crescita Therapeutics Inc. (TSX:CTX) (Crescita or the Company), a commercial dermatology company with a portfolio of non-prescription skincare products and prescription drug products, today announced it has completed the previously announced $1.0 million convertible debenture financing with the Bloom Burton Healthcare Lending Trust and the Bloom Burton Healthcare Lending Trust II (the Bloom Burton Funds).
The debentures are convertible into common shares at the option of the holder at a conversion price of $1.00 per share (subject to customary adjustments). Additional details regarding the terms of the debentures are contained in the Company’s news release dated August 14, 2017, a copy of which is available under the Company’s profile at www.sedar.com.
The proceeds of the convertible debenture financing are expected to be used to repay indebtedness and for general corporate purposes.
Copies of the convertible debentures, which include all of the terms and conditions of the convertible debentures, will be filed under the Company’s profile at www.sedar.com. The summary of the convertible debentures above is qualified by reference to the specific terms of the convertible debentures.
As previously announced, the Company also issued to the Bloom Burton Funds, an aggregate of 100,000 common share purchase warrants which are exercisable at a price of $0.75 per share.
“Completion of this financing further strengthens our financial position as we continue to execute our growth strategy,” said Serge Verreault, Crescita’s President. “We are very appreciative of the strong continued support of Bloom Burton and we are excited about the future prospects of Crescita.”
About Crescita Therapeutics Inc.
Crescita (TSX:CTX) is a publicly traded, Canadian commercial dermatology company with a portfolio of non-prescription skincare products for the treatment and care of skin conditions and diseases and their symptoms and prescription drug products for the treatment of pain. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. For additional information, please visit www.crescitatherapeutics.com.