EXMceuticals settles $4.6 million loan through share issuance

Inc () said it has settled a C$4.6 million loan by issuing just over 23 million shares of the bio-science company.

As part of the loan settlement, CEO Jonathan Summers acquired 11.3 million shares by way of a private placement, representing around 16.4% of the Vancouver-based company.

Summers now owns around 16.5% of EXMceuticals’ 68.8 million outstanding shares on an undiluted basis and just over 18.4 million or 24.3% on a partially diluted basis.

READ: EXMceuticals raises over $1 million in new financing, strengthens balance sheet with debt to equity conversion

Also as part of the loan settlement, shareholder Michael Cohen acquired nearly 6.3 million shares via a private placement and now owns around 9.1% of EXMceutical shares on an undiluted basis. Cohen now owns about 7.6 million shares or around 11.1% of the firm’s outstanding shares on an undiluted basis.

The shares were acquired at a price of C$0.20 per share for a total value of nearly $2.3 million in the case of Summers and $1.25 million in Cohen’s case.

In a statement, EXMceuticals said that Summers and Cohen “(have) no present intention to dispose of or acquire further securities of the company.”

The firm recently added another $1 million to its balance sheet with a debt-to-equity conversion.

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