Argent BioPharma Ltd - Subiaco, Western Australia-based drug discovery company - Refinances 300,000 in convertible notes, each with a face value of A$1.00, from a facility that currently totals A$1.6 million, about £824,050. Mercer Street Global Opportunity Fund LLC, a fund managed by US-based institutional fund manager Mercer Street Capital Partners LLC, provided the facility back in 2020. At the time Mercer Street agreed to provide Argent BioPharma with up to A$15 million, or £7.7 million, in funding through subscriptions for convertible notes. As part of the refinancing, the minimum conversion price of the notes into Argent shares has been reduced from no less than A$10.00 to no less than A$0.30, about 15.4 pence.
Argent Biopharma says it intends to seek additional agreements with Mercer Street to amend the terms of the remaining 2020 convertible note facility and 2022 convertible note facility.
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12-month change: up 28%
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