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Tm Bioscience Borrows $8 Million in Two Deals

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TORONTO--Tm Bioscience here has taken out two loans to fund growth. The company's DNA products are used in bioinformatics, functional genomics, biochips, and other applications.

Tm agreed to terms with MDS Capital that will provide it with a $4 million loan at 15 percent annual interest. Subject to approval of the Vancouver Stock Exchange, MDS will also receive 2 million bonus share purchase warrants that entitle it to acquire the shares at a price of 50 cents each for two years following issuance. Tm also borrowed $4 million from Canadian Medical Discoveries Fund with a similar warrant program attached. The fund already holds more than 11.6 million shares of Tm and warrants for another 7.6 million.

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