Edesa Biotech secures $10M revolving credit facility from CEO; $3.5M available, matures March 2026

Edesa Biotech, Inc.

Revolving credit facility of up to $10M from Pardeep Nijhawan Medicine Professional Corp., controlled by CEO.
Initial credit limit of $3.5M; facility matures March 31, 2026 unless terminated by 90 days' notice.
Interest at CIBC US Base Rate plus 3% per annum; monthly standby fee of 1.5% on unused portion.
Repayment due within 5 business days of receiving funds from Canada's Strategic Innovation Fund (SIF).
Borrowing base tied to eligible SIF grant and license fee receivables; 85% advance rate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Edesa Biotech, Inc. entered into Credit Agreement with Pardeep Nijhawan Medicine Professional Corporation valued at $10 million (effective 2023-10-20).

Action: entry
Agreement: credit facility
Counterparty: Pardeep Nijhawan Medicine Professional Corporation
Value: $10 million
Effective: 2023-10-20

Exact text from the filing

Effective October 20, 2023, the Company entered into a Credit Agreement (the “ Credit Agreement ”) with Pardeep Nijhawan Medicine Professional Corporation (the “ Lender ”), an entity controlled by Dr. Nijhawan, providing for an unsecured revolving credit facility (the “ Facility ”) in the principal amount of up to $10 million

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Edesa Biotech, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-110653

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