ANN ARBOR, Mich., Oct. 18, 2017 (GLOBE NEWSWIRE) – Zomedica Pharmaceuticals Corp. (TSX-V: ZOM) (“Zomedica” or the “Company”), a veterinary pharmaceutical and health care solutions company, today announced that it has entered into a loan arrangement with a shareholder of the Company, pursuant to which such shareholder has agreed to provide a loan facility to the Company, whereby the Company may borrow up to US$5M, with the proceeds to be used for working capital and general corporate purposes. By entering into this arrangement, the Company is able to further fund future obligations without dilution to shareholders. The term of the loan facility is five (5) years, with principal and interest payments being due only at the time of maturity. Under the loan agreement, the Company may borrow in one or more advances, provided however that a minimum amount of US$250,000 must be borrowed at any one time and not more than two advances may occur per month. Interest shall accrue at a rate of fourteen percent (14%) per annum, payable upon maturity. The loan is unsecured, however Gerald Solensky Jr., President and CEO of the Company, has entered into a written guaranty whereby he has agreed to guarantee all obligations of the Company under the loan arrangement.
With U.S. operations based in Ann Arbor, Michigan, Zomedica is a veterinary pharmaceutical and health care solutions company creating products for companion animals (canine, feline and equine) by focusing on the unmet needs of clinical veterinarians. Zomedica is developing a diversified portfolio to include diagnostics, devices, innovative drugs, and drug-delivery technologies. With a team comprised of clinical veterinary professionals, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
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