secwatch.observer — SEC 8-K summary
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Issuer:     FENNEC PHARMACEUTICALS INC. (FENC)
CIK:        0001211583
Form:       8-K
Filed at:   2022-09-26T23:59:59+00:00
Accession:  0001558370-22-014629
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1211583/000155837022014629/0001558370-22-014629-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1211583/000155837022014629/fencf-20220926x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-014629

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer