Fennec closes $20M second tranche of Petrichor notes triggered by FDA approval of PEDMARK

FENNEC PHARMACEUTICALS INC.

Second closing of $20M senior secured convertible notes funded after FDA approved PEDMARK on Sept 20, 2022.
Notes convert at $7.89/share, a 20% premium to 5-day VWAP prior to approval; maturity Aug 19, 2027.
Interest at greater of Prime or 3.5% plus 4.5% margin; first 24 months' 3.5% interest paid-in-kind.
Company may draw up to an additional $20M before Dec 31, 2023 upon mutual agreement with Petrichor.
Commitment fee of 2% paid in warrants exercisable at $8.11 with 5-year term.

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