MONTREAL, Sept. 12, 2016 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA), is pleased to announce that it has closed on a $19.2 million (CDN $25 million) loan from Bridging Finance Inc., acting as sub-advisor to the Sprott Bridging Income Fund LP. Proceeds from the loan will be used to retire an $8 million loan from Tennenbaum Capital Partners, with the balance applied to general corporate purposes. The loan does not contain any convertible features or warrants.
Mario Saucier, Chief Financial Officer of BioAmber stated: "This non-dilutive loan from Bridging Finance is a strong endorsement of our facility, technology and team, and has allowed us to both lower our financing costs and strengthen our balance sheet. We remain committed to rewarding the confidence that Bridging Finance and our shareholders have shown in us as we ramp-up towards full capacity".
About Bridging Finance Inc.
Bridging Finance is a privately held Canadian company providing middle-market North American companies with alternatives to the financing options offered by traditional lenders. Lending proceeds are used by companies to address short-term needs such as restructuring existing debt, providing working capital for growth, supporting inventory purchases and financing expenditures and acquisitions/buyouts. Bridging Finance is the Sub-Advisor to the Sprott Bridging Income Fund LP. Bridging Finance also offers portfolio management services for institutional and family office clients.
BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com
This press release contains forward-looking statements, which are subject to substantial risks, uncertainties and assumptions. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward- looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Annual Report on Form 10-K and the recent quarterly reports on Form 10-Q.
SOURCE BioAmber Inc.