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Tm Bioscience Gains $5.6M in Private Debt, Stock Placement

NEW YORK (GenomeWeb News) — Tm Bioscience said yesterday that it has completed a private placement of unsecured subordinated debt and common share purchase warrants worth CA$6.24 million ($5.6 million)
The placement comes one day after the firm announced its second quarter financial results.  
Tm said it will use the proceeds to develop genetic tests and for general working capital purposes.
According to Tm, the debt carries an interest rate of 11 percent per year with monthly interest payments in arrears and principal to be repaid in full in 12 months or within 30 days in the event of any cash infusion that results in proceeds to Tm of $15 million.
Investors will receive 250 warrants per $1,000 principal amount of the debt purchased, Tm said. Each warrant will be exercisable for one common share of Tm’s stock at an exercise price of $1.15 per share for the next five years.
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