EVOME MEDICAL TECHNOLOGIES INC.: debt financing — Salona Global restructures Biodex debt: cash sweep, 12% interest, forbearance until July 2025

EVOME MEDICAL TECHNOLOGIES INC.

Total outstanding debt $8.26M ($6.76M acquisition debt + $1.5M working capital loan) as of July 25, 2023.
Forbearance agreement prevents acceleration until July 31, 2025; past due amounts accrue 12% interest.
Company must pay all cash over $2.5M monthly, 50% of any capital raised, and obtain consent for capex >$100k.
Working capital loan due Oct 31, 2023; acquisition debt due July 31, 2025.
Company pursuing $2M ABL facility on Biodex assets to pay down working capital loan.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EVOME MEDICAL TECHNOLOGIES INC. reported a default on debt of approximately ten million (US $10,000,000) dollars with Mirion Technologies (US), Inc. at 12% per annum.

Principal: approximately ten million (US $10,000,000) dollars
Counterparty: Mirion Technologies (US), Inc.
Rate: 12% per annum
Event: default

Exact text from the filing

y reported, on April 3, 2023 Salona Global Medical Device Corporation ("Salona") by and through its wholly owned subsidiary Delaware limited liability company, Biodex Rehab Systems, LLC ("Salona Biodex" and together with Salona , the "Company") acquired from Mirion Technologies (US), Inc., a Delaware corporation, ("Mirion") all of the outstanding capital stock of Mirion's subsidiary Biodex Medical Systems, Inc., a New York corporation ("Mirion Biodex" and together with Mirion, the "Seller") in consideration for, among other things, the Company's obligation to pay approximately ten million (US $10,000,000) dollars (the "Debt") to the Seller over time.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EVOME MEDICAL TECHNOLOGIES INC. amended debt with Mirion Technologies (US), Inc..

Counterparty: Mirion Technologies (US), Inc.
Event: amendment

Exact text from the filing

entered into a Forbearance Agreement (the "Forbearance Agreement") pursuant to which the Seller has agreed to forbear from exercising its rights and remedies against the Company, including the Acceleration Right, through the earlier to occur of (i) the Company's default under the Forbearance Agreement; or (ii) July 31, 2025

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Source: SEC EDGAR

accession 0001062993-23-016209

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