---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-123728"
form_type: "8-K"
ticker: "FENC"
cik: "0001211583"
company_name: "FENNEC PHARMACEUTICALS INC."
filed_at: "2023-12-06T23:59:59+00:00"
generated_at: "2026-06-07T16:52:30.216163+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Fennec closes $5M tranche of convertible notes with Petrichor; extends remaining $15M draw to Dec 2024

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-123728
- form_type: 8-K
- ticker: FENC
- cik: 0001211583
- company_name: FENNEC PHARMACEUTICALS INC.
- filed_at: 2023-12-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1211583/000110465923123728/0001104659-23-123728-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1211583/000110465923123728/tm2332198d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-123728
- JSON: https://secwatch.observer/filing/0001104659-23-123728.json
- Plain text: https://secwatch.observer/filing/0001104659-23-123728.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1211583/000110465923123728/0001104659-23-123728-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1211583/000110465923123728/0001104659-23-123728-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1211583/000110465923123728/0001104659-23-123728-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.