VGI Health Technology Limited (VTL.NSX) Draw Down of Convertible Note Facility
Sydney, Australia, Oct 5, 2021 - (ABN Newswire) - VGI Health Technology Limited (NSX:VTL) is pleased to announce that it has agreed revised terms with cornerstone investor Mr Aiden Jiang for the draw down of $1,500,000 from a previously agreed convertible loan facility. The receipt of the funds is expected to be in $200,000 increments every two weeks starting the week commencing 11 October 2021.
As disclosed in its IPO Prospectus in May 2021, the loan is convertible to shares in VTL at a Loan Conversion Price of $0.20 per share (the issue price for the IPO) subject to approval by VTL shareholders at a general meeting. The interest rate applicable is 8% per annum (to be capitalised and repaid with the principle upon settlement of the loan), the initial period of the loan is for 12 months and VTL may repay the loan at its election prior to the expiry date or extend the repayment period by a further 12 months.
VTL's CEO and Managing Director, Dr Glenn Tong said "We are very appreciative of the strong support that our cornerstone investor, Mr Aiden Jiang, has continued to show the Company. This is a critical stage of our growth when our two nutraceutical products, NE1-Elite(R) and NE1-Heart(R), are being launched in the US and we are expecting to commence our NAFLD/NASH Phase II clinical study in Q4 of 2021 and our Pancreatic Adenocarcinoma Phase II clinical study in Q1 of 2022. Mr Jiang's support will accelerate our progress towards some key inflection points such as the first sales of nutraceuticals in the US and Phase II clinical data readouts in the next 18 months."
About VGI Health Technology Limited:
VGI Health Technology Limited (NSX:VTL) is an Australian public listed biotechnology company developing and commercialising novel dietary supplements and prescription medicines based on natural products (tocotrienols) which have wide therapeutic potential, including: Delayed Onset Muscle Soreness, muscle recovery, exercise endurance, Non-Alcoholic Fatty Liver Disease (NAFLD), Non-Alcoholic SteatoHepatitis (NASH), pancreatic cancer, hyperlipidaemia, hypertension and diabetes. VTL owns and controls patent and other intellectual property rights for novel approaches to non-invasively delivering tocotrienols directly to the target tissues. The Company has a product development program for evidence-based nutraceuticals and a clinical development program for prescription medicines.
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