June 25, 2020 / 6:14 AM / in 17 days

BRIEF-Erytech Announces EUR 3 Million Convertible Bond Issue

June 25 (Reuters) - Erytech Pharma SA:

* ERYTECH EXTENDS ITS CASH HORIZON BY IMPLEMENTING A CONVERTIBLE BOND FINANCING

* NOTES COME WITH SHARE WARRANTS REPRESENTING 10% OF NOMINAL AMOUNT OF ISSUED NOTES

* ANNOUNCED TODAY THE SIGNATURE OF AN AGREEMENT ALLOWING THE ISSUANCE FOR THE BENEFIT OF LUXEMBOURG-BASED EUROPEAN HIGH GROWTH OPPORTUNITIES SECURITIZATION FUND

* AIMS AT IMPROVING COMPANY’S FINANCIAL STRENGTH AND EXTENDING ITS CASH HORIZON FOR NEXT KEY DEVELOPMENT MILESTONES

* EXERCISE PRICE WILL REFLECT 20% PREMIUM OVER LOWEST VOLUME-WEIGHTED AVERAGE DAILY PRICE OF SHARE OVER REFERENCE PERIOD PRECEDING ISSUE OF FIRST TRANCHE

* FINANCING FACILITY COMPRISES ZERO-COUPON NOTES AND LIMITED DISCOUNT ON CONVERSION, AS WELL AS MODERATE WARRANT COVERAGE WITH CLEAR INTEREST ALIGNMENT BETWEEN ERYTECH AND ALPHA BLUE OCEAN

* NOTE WARRANTS MAY BE EXERCISED IN TRANCHES OVER A PERIOD OF 24 MONTHS FROM JUNE 25, 2020, I.E. UNTIL JUNE 25, 2022

* NOTES, WITH NOMINAL VALUE OF EUR 50,000 EACH, WILL BE ISSUED UPON EXERCISE OF NOTE WARRANTS, IN ONE OR MORE TRANCHES, OF 60 NOTES CORRESPONDING TO TOTAL NOMINAL VALUE OF EUR 3 MILLION

* ISSUANCE OF FIRST TRANCHE OF OCABSA TO BENEFIT OF INVESTOR IS EXPECTED TO TAKE PLACE IN JULY 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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