Funds will redeem C$410,000 of convertibles, C$1.5 million bridge loan
By Devika Patel
Knoxville, Tenn., Aug. 25 – Nightingale Informatix Corp. announced that it has arranged a C$3.5 million 12% secured term loan with Beedie Capital Partners.
The loan is expected to close in September and will mature in December 2016. The investor will receive a 2% commitment fee at closing.
Beedie will also receive 6.25 million warrants, which are each exercisable at C$0.16 until Dec. 31, 2016. The strike price is identical to the Aug. 22 closing share price.
Proceeds will be used for general working capital associated with the launch of Nexia, the company's next generation product, to redeem its C$410,000 of series B convertible debentures and to retire the C$1.5 million bridge financing advanced earlier this month.
The Markham, Ont.-based company provides cloud-based electronic health record practice management solutions to health-care organizations in the United States and Canada.
| Issuer: | Nightingale Informatix Corp.
|
| Issue: | Secured term loan
|
| Amount: | C$3.5 million
|
| Maturity: | December 2016
|
| Coupon: | 12%
|
| Warrants: | 6.25 million
|
| Warrant expiration: | Dec. 31, 2016
|
| Warrant strike price: | C$0.16
|
| Investor: | Beedie Capital Partners
|
| Fees: | 2% commitment fee
|
| Pricing date: | Aug. 25
|
| Stock symbol: | TSX Venture: NGH
|
| Stock price: | C$0.16 at close Aug. 22
|
| Market capitalization: | C$15.16 million
|
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