FENNEC PHARMACEUTICALS INC. (FENC): debt financing — Fennec closes $5M tranche of convertible notes with Petrichor; extends remaining $15M draw to Dec 2024

FENNEC PHARMACEUTICALS INC.

Closed third tranche of $5M senior secured convertible notes under existing SPA with Petrichor.
Conversion price set at $7.89/share (20% premium to VWAP prior to PEDMARK FDA approval on Sep 20, 2022).
Note matures Aug 19, 2027; interest rate = greater of US Prime or 3.5% + 4.5% margin; PIK for first 12 months.
SPA Amendment extends draw period for remaining $15M from Dec 31, 2023 to Dec 31, 2024.
Proceeds support global launch of PEDMARK and market expansion into adolescent/young adult population.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

FENNEC PHARMACEUTICALS INC. incurred convertible notes of $5,000,000 with Petrichor Opportunities Fund I LP at greater of (a) US Prime Rate or (b) three and one-half percent (3.5%), plus the maturing August 19, 2027.

Instrument: convertible notes
Principal: $5,000,000
Counterparty: Petrichor Opportunities Fund I LP
Rate: greater of (a) US Prime Rate or (b) three and one-half percent (3.5%), plus the
Maturity: August 19, 2027
Event: incurrence

Exact text from the filing

On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000,000 and issued the Investor a Note in the same amount (the “Third Closing Note”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FENNEC PHARMACEUTICALS INC. entered into First Amendment to Securities Purchase Agreement with Petrichor Opportunities Fund I LP valued at extended draw period to December 31, 2024 for remaining $15,000,000 (effective 2023-12-04).

Action: entry
Agreement: credit facility
Counterparty: Petrichor Opportunities Fund I LP
Value: extended draw period to December 31, 2024 for remaining $15,000,000
Effective: 2023-12-04

Exact text from the filing

Also on December 4, 2023, the Company entered into a First Amendment to the Securities Purchase Agreement (the “SPA Amendment”) with the Investor, which, among other things, extends the period that the Company may draw the remaining $15,000,000 under the SPA from December 31, 2023 to December 31, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FENNEC PHARMACEUTICALS INC. entered into Third Closing Note with Petrichor Opportunities Fund I LP valued at issued $5,000,000 senior secured floating rate convertible note, convertible at $7.89 per share, mat (effective 2023-12-04).

Action: entry
Agreement: credit facility
Counterparty: Petrichor Opportunities Fund I LP
Value: issued $5,000,000 senior secured floating rate convertible note, convertible at $7.89 per share, mat
Effective: 2023-12-04

Exact text from the filing

On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000,000 and issued the Investor a Note in the same amount (the “Third Closing Note”).

View on SEC.gov

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FENNEC PHARMACEUTICALS INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-123728

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