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MILESTONE MEDICAL - Milestone Medical receives 1 tranche of money from Milestone Scientific accor ... - EBI

MILESTONE MEDICAL - Milestone Medical receives 1 tranche of money from Milestone Scientific according to loan agreement (11/2015)
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| | NEW CONNECT | | | | | | | | | | |
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| | | | | Raport EBI nr | 11 | / | 2015 | | | | |
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| | Data sporządzenia: | 2015-03-23 | | | | | | | | | |
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| | Milestone Medical receives 1 tranche of money from Milestone Scientific according to loan agreement | | | | | | | | | | |
| | Podstawa prawna | | | | | | | | | | |
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| | Treść raportu: | | | | | | | | | | |
| | The Board of Directors of Milestone Medical Inc. (the ?Company?, the ?Issuer?) informs that in March 2015 the Company received $200,000 loan (1 tranche of loan) from Milestone Scientific Inc. (?Milestone Scientific?) on the basis of loan agreement concluded by the Issuer with Milestone Scientific, the main shareholder of the Company. According to conditions set in concluded loan agreement the Company is still able to borrow money from Milestone Scientific in the amount of not more than $500,000 till March 31, 2015 (this amount includes $200,000 loan already received by the Issuer). After March 31, 2015, on the basis of signed loan agreement, the Issuer can borrow accumulated amount (calculated together with earlier raised amount of loans) of not more than $1,000,000 till June 30, 2015, not more than $1,500,000 till September 30, 2015 and not more than $2,000,000 till December 31, 2015. In case of not borrowing by the Issuer the full amount of $2,000,000 till the end of year 2015 or partial repayment of
raised amount of loan, Milestone Scientific can extend credit period up to April 30, 2016 and lend the Company such amount of money that is equal to the difference between maximum amount of loan ($2,000,000) and unpaid amount of loan increased by interest due. Total potential commitment of the Company from concluded loan agreement can be no more than $2,000,000 plus interest due, where interest rate is equal to 3,25% annually. Legal basis: Section 3.1 of the Exhibit 3 to the Alternative Trading System Rules ?Current and Periodical Information in the Alternative Trading System on the NewConnect Market?. | | | | | | | | | | |
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