Mithra Pharmaceuticals SA (Euronext Brussels: MITRA) (“Mithra” or the “Company”), a company dedicated to Women’s Health, today announces the extension of the capital commitment agreement with LDA Capital Limited ("LDA Capital") for a period of two additional years, as well as the increase of the commitment amount by EUR 25 million.
Under the terms of the initial agreement entered into in April 2020 (1), LDA Capital has committed an amount of up to EUR 50 million (the “Capital Commitment”) in cash within a maximum of three years in exchange for new ordinary shares in Mithra. This Capital Commitment can be released based on drawdowns by Mithra in the form of put options that Mithra has the right to exercise at its sole discretion. Since the agreement was signed, Mithra has issued three put option notices for a total amount of about EUR 17 million. With this extension and the additional EUR 25 million, the Company can now rely on funds of up to approximately EUR 58 million, available until April 2025.
Under the terms of the initial agreement and in consideration of the conclusion thereof, (i) in July 2020, 690,000 subscription rights were issued to the profit of LDA Capital (the "LDA Subscription Rights"), and (ii) in September 2020, 300,000 subscription rights were jointly issued in favour of François Fornieri, Alychlo NV, and Noshaq SA (called together, the "Subscription Rights for the Share Loan") (2). As a consequence of the extension of the capital commitment agreement, and subject to the approval of an Extraordinary General Shareholders Meeting of the Company to be convened at the same time as the Ordinary General Shareholders Meeting of the Company or at a later date, the respective terms of the LDA Subscription Rights and the Subscription Rights for the Share Loan will also be extended by two additional years. No new subscription rights have been issued.
Christophe Maréchal, CFO Mithra Women’s Health, commented: “We are pleased to have concluded this extension with LDA Capital, which demonstrates their full confidence in Mithra and the potential of our mid and long term projects. During this period marked by various worldwide events impacting the financial markets and therefore limiting the access to various funding, the extension and the increase of this facility allows us to have flexible solutions enabling us to finance our expansion projects”.