Orgenesis Inc.: debt financing — Orgenesis subsidiary Koligo enters $5M convertible loan with Yehuda Nir at 8% interest

Orgenesis Inc.

Loan up to $5M from lender Yehuda Nir to subsidiary Koligo Therapeutics; 8% annual interest, maturity Jan 1, 2024.
Mandatory conversion at 50% discount per share if Koligo completes a qualified equity financing of at least $5M by Dec 31, 2023.
Lender may assign $1.5M of existing Orgenesis loan to Koligo under original terms (10% interest, maturity Jan 31, 2026).
Proceeds to be used for working capital; events of default include bankruptcy, material breach, and payment failure.

item 1.01 item 2.03 item 3.02 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

Orgenesis Inc. incurred convertible notes of up to $5,000,000 with Yehuda Nir at 8% per annum maturing January 1, 2024.

Instrument: convertible notes
Principal: up to $5,000,000
Counterparty: Yehuda Nir
Rate: 8% per annum
Maturity: January 1, 2024
Event: incurrence

Exact text from the filing

On March 27, 2023, Koligo Therapeutics Inc. (“Borrower”), a subsidiary of Orgenesis Inc. (the “Company”) entered into a convertible loan agreement (the “Convertible Loan Agreement”) with Yehuda Nir (the “Lender,” and together with the Borrower, the “Parties”), pursuant to which the Lender agreed to loan the Borrower up to $5,000,000 (the “Loan Amount”).

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

Orgenesis Inc. entered into Convertible Loan Agreement with Yehuda Nir valued at Loan up to $5,000,000, interest at 8% per annum, maturity date January 1, 2024 (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Yehuda Nir
Value: Loan up to $5,000,000, interest at 8% per annum, maturity date January 1, 2024
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Koligo Therapeutics Inc. (“Borrower”), a subsidiary of Orgenesis Inc. (the “Company”) entered into a convertible loan agreement (the “Convertible Loan Agreement”) with Yehuda Nir (the “Lender,” and together with the Borrower, the “Parties”), pursuant to which the Lender agreed to loan the Borrower up to $5,000,000 (the “Loan Amount”).

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Source: SEC EDGAR

accession 0001493152-23-010046

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