Company and Yorkville Advisors have agreed to extend the maturity of the remaining debt balance for 12 months
NEW YORK, October 12, 2017 /PRNewswire/ —
Q BioMed Inc. (OTCQB: QBIO), a biotechnology acceleration Company, announced today that their funding partner Yorkville Advisors have agreed to extend the maturity date on the $2M balance of their convertible note by one year to November 30 2018.
Dens Corin, CEO of QBioMed Inc. said, “Our relationship with Yorkville Advisors and their team has been very positive. We are pleased that this deal has worked out well for them and us and we will continue to work with them to secure the best outcome for both them and the rest of our shareholders.”
On November 29, 2016, the Company entered into a securities purchase agreement with Yorkville Advisors to place Convertible Debentures (the “Debentures”), with a one-year term in the aggregate principal amount of $4,000,000. The Debentures bear interest at the rate of 5% per annum.
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Q BioMed Inc.
SOURCE Q BioMed Inc.