NEW YORK, Sept 22 (Bernama-GLOBE NEWSWIRE) — Kensana Health Inc. (“Kensana”) today announced it has entered into a share subscription facility of up to $120 million with GEM Global Yield LLC SCS (“GEM”), a Luxembourg-based alternative investment group. Under the agreement, GEM will provide Kensana up to $120 million for a 36-month period following a public listing of Kensana’s ordinary shares (“Investment Period”).
According to the agreement’s terms, Kensana will not be obligated to draw down the full $120 million but can do so in part or in whole at its discretion. Kensana can also set a threshold price as the lowest price at which Kensana may issue shares to GEM under a given drawdown. Kensana will control both the timing and amount of all drawdowns and will issue common shares to GEM on each drawn down from the facility. GEM shall pay 90% of the average daily closing price during the pricing period, which is a 30-day period after Kensana delivers a draw-down notice to GEM. During the lifetime of the investment facility, GEM will not, directly or indirectly, effect any short sale of Kensana’s common shares. GEM is a long-only investor and will not engage in shorting, hedging, or the use of derivatives or synthetic instruments against Kensana’s common shares or the issuance of any warrants.