Cibus, Inc. (CBUS): debt financing — Calyxt draws additional $500K from Cibus under interim funding; total $1.5M

Cibus, Inc.

Drawn an additional $500,000 from the $3M unsecured, interest-free revolving line of credit from Cibus Global LLC.
Aggregate draws now $1.5 million; available draws remain $1.5 million.
Draws must be used for ordinary-course operating expenses and are made in $500,000 increments.
Calyxt believes it has sufficient cash to fund operations through the end of Q2 2023.
The interim funding is part of the previously announced merger agreement with Cibus.

item 2.03

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

Cibus, Inc. incurred revolving credit of $500,000 with Cibus Global LLC at interest-free.

Instrument: revolving credit
Principal: $500,000
Counterparty: Cibus Global LLC
Rate: interest-free
Event: incurrence

Exact text from the filing

(“ Calyxt ”) on January 17, 2023 (the “ Merger 8-K ”), pursuant to the terms of the Merger Agreement (as defined in the Merger 8-K), beginning on March 15, 2023, Calyxt can request, and Cibus Global LLC (“ Cibus ”) has agreed to provide, an unsecured, interest-free revolving line of credit of up to $3,000,000 in cash, which amount may be increased as described in the Merger 8-K (the “ Interim Funding ”).

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Cibus, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-110595

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