Hydration Pharmaceuticals Company Limited (ASX: $HPC) has successfully obtained a waiver of Listing Rule 10.1 from ASX, allowing the Company to amend its facility agreement with PURE Asset Management Pty Ltd. The amendment secures A$1.7m in new funding and two additional tranches, providing a total of A$8.2m of senior secured debt owed to PURE.
The Company has chosen to amend the Original PURE Facility to obtain additional funding from PURE, as it has been unable to raise meaningful equity or debt capital from existing shareholders or new investors within the required time period. The Board believes that the terms of the Amended PURE Facility are fair and reasonable for shareholders in the current circumstances. The negotiation of the Amended PURE Facility and GSD has been conducted on arm's length terms, ensuring fairness.
Hydration Pharmaceuticals Company (ASX: $HPC) has successfully secured a waiver for the amendment of its facility agreement with PURE Asset Management Pty Ltd, allowing access to A$1.7m in new funding and two additional tranches. The decision to seek a sale of the Company ('Sale Transaction') to maximize shareholder returns has led to the amendment of the facility agreement. The Board believes that the terms of the Amended PURE Facility are fair and reasonable for shareholders in the current circumstances. The Company will ensure that any variation to the terms of the Amended PURE Facility or the General Security Deed (GSD) that significantly advantages PURE or disadvantages the Company will be subject to security holder approval under Listing Rule 10.1.