VANCOUVER, BC--(Marketwired - July 29, 2014) - Sirona Biochem Corp. (TSX VENTURE: SBM) (OTCQX: SRBCF) (FRANKFURT: ZSB), (the "Company") announces that is has entered into convertible loan agreements with arm's length parties (the "Lenders") for the purposes of renewing current outstanding loans in the total amount of $670,000. The original loans were taken out in late 2012 and became due this quarter.
The new loans (the "Loans") are secured by promissory notes held by each lender, bear interest at a rate of 12% per annum and are due 18 months from the date of advance of each Loan or such other mutually agreed upon date. Interest is payable on a quarterly basis at the end of each calendar quarter. Demand payment of each Loan and accrued interest thereon may be made after one year from the date of advance of such Loan.
Each Lender has the right to elect at its sole discretion to convert all or a portion of its Loan including accrued interest at any time during the term of such Loan into common shares of the Company at a price of $0.12 per share.
Any shares issued as a result of conversion of the Loans will be subject to applicable regulatory hold periods expiring four months and one day from the date of issue of such shares.
The Loan Agreements and all securities proposed to be issued thereunder as a result of conversion are subject to the acceptance of the TSX Venture Exchange.
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds' efficacy and safety. Sirona Biochem's compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem's wholly-owned French laboratory is a recipient of multiple French national scientific awards and a European Union and French government grant. For more information visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem's forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.