Fennec closes $5M initial tranche of $45M senior secured note; $20M on FDA approval of PEDMARK

FENNEC PHARMACEUTICALS INC.

First closing $5M senior secured note; $20M upon FDA approval of PEDMARK; up to $20M additional.
Notes convertible at $8.11/share (20% premium to VWAP); interest greater of Prime or 3.5% + 4.5% margin, 24 months PIK.
Matures Aug 1, 2027; company redemption at 110% before Aug 2026, 107.5% thereafter; change-of-control put.
Repaid all Bridge Bank secured debt with first closing proceeds.
Commitment fee 2% – half in warrants for 55,498 shares at $8.11, 5-year term.

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