Next Science secures US$5m unsecured loan facility

Next Science Limited (ASX: $NXS) has entered into a facility agreement with TIGA Trading Pty. Ltd. to secure a US$5 million unsecured loan facility. The Facility will mature on 17 July 2026. In addition, the Company will issue the Lender with 5 million options at an exercise price of A$0.42 and with a three-year expiry.

Executive commentary on securing the unsecured loan facility

Next Science's CEO and Managing Director I.V. Hall stated, 'Next Science reviews its funding requirements on an ongoing basis and believes it has sufficient working capital to meet its obligations. However, as flagged at the 1Q FY24 result, the Company has explored funding options to provide a buffer against unexpected financial challenges and the flexibility to respond should investment opportunities arise. The unsecured US$5m loan facility with Thorney Investment Group provides access to additional capital, if needed, as we continue to transform key elements of the business.'

Summary of Next Science's announcement

Next Science (ASX: $NXS) has secured a US$5 million unsecured loan facility with TIGA Trading Pty. Ltd. to provide additional capital for general working capital requirements and corporate purposes. The Facility will mature on 17 July 2026. In addition, the Company will issue the Lender with 5 million options at an exercise price of A$0.42 and with a three-year expiry. Next Science's CEO and Managing Director, I.V. Hall, highlighted the Company's ongoing review of funding requirements and the importance of having access to additional capital for unexpected financial challenges and investment opportunities. The Company aims to continue transforming key elements of the business with the support of this unsecured loan facility.