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Britannia Life Sciences Announces Closing of £5,000,000 Loan Facility

Britannia Life Sciences Announces Closing of £5,000,000 Loan Facility
  • Proceeds to be used to repay Sellers’ Note and acquire an additional 10% of ADSL
  • Five-year term provides Company with significant financial flexibility
  • 5 year term, 9.5% interest rate, no equity kickers

Toronto, Ontario–(Newsfile Corp. – April 7, 2022) – Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) (“Britannia”) is pleased to announce the closing of a £5,000,000 loan facility (the “Loan Facility”).

The proceeds of the Loan Facility will be used to repay, in full, the remaining amounts due to the vendors of Advanced Development & Safety Laboratories Limited (“ADSL”) under the sellers’ note agreement (“Sellers’ Note”) and to fund the acquisition of an additional 10% interest in ADSL (“Additional ADSL Purchase”). Upon completion of the Additional ADSL Purchase, Britannia will own a 70% interest in ADSL, Britannia’s largest operating subsidiary.

“We’re tremendously pleased to complete this financing which allows us to repay the Sellers’ Note in full and to further consolidate our ownership in ADSL,” commented Britannia CEO Peter Shippen. “We sincerely appreciate the ongoing support and cooperation of the vendors and our shareholders in helping us achieve this important milestone which strengthens the foundation for our continued growth.”

The Loan Facility is being extended by an affiliate of BOOST & Co Limited, a UK-based private lender providing growth capital and venture debt to small and medium-sized enterprises.

The Loan Facility consists of a 5-year secured term loan facility bearing interest at varying margins based on the Sterling Overnight Interbank Average (SONIA) rate. The Loan Facility was fully drawn by Britannia at closing and currently bears interest of 9.5%. There were no equity incentives provided to the lender with respect to the loan.

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