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MEMPHASYS LIMITED. — Capital/Financing Update 2017
Feb 22, 2017
65314_rns_2017-02-22_b2ebd583-719e-4afc-987e-a92ed9fe0617.pdf
Capital/Financing Update
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ASX Release
FUNDING UPDATE – DIRECTOR LOAN AND LINE OF CREDIT
Sydney, Thursday 23 February 2017
Further to the ASX announcement of 16 December 2016 in which the Company stated it was considering various options to fund working capital, and separate update provided on 13 January 2017, Memphasys Ltd (“Memphasys”) advises that it has received loan funding from Executive Director, Alison Coutts, on arms length terms. The Company will apply for a waiver under Listing Rule 10.1 to enable the loan to be secured.
Details of the loan are as follows:
Loan facility: $300,000 Interest rate: 10% per annum, payable at the end of the period Term: 1 year
Redemption: The loan and accrued interest may be repaid by the Company at its discretion, any time before the loan’s expiry.
In addition, Alison Coutts has offered Memphasys further funding by way of a line of credit of up to $200,000 for a period of 12 months on terms similar to the above-referenced loan. This line of credit is to be drawn upon, if required, to supplement other capital that will be provided through future capital raising activities.
The Directors are currently working on a funding plan and will announce these plans when finalised.
For further information please contact:
Alison Coutts Executive Chairman +61 2 8415 7300 [email protected]
Postal Address Contact Details E [email protected] P.O. Box 2202 P +612 8415 7300 W memphasys.com Homebush West NSW 2140 F +612 8415 7399 ABN 33 120 047 556
Memphasys Limited 30-32 Richmond Road Homebush West NSW 2140
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About Memphasys:
Memphasys Limited (ASX: MEM) specialises in biological separations for high value commercial applications. The Company’s patented membrane processes in combination with electrophoresis, the application of an electrical potential difference across a fluid, enable the separation of high value substances or contaminants from the fluid in which they are contained.
The main application of the technology is the separation of the most viable sperm cells for artificial reproduction, most particularly for human IVF.