BioAmber Inc. Closes $25 million Loan from Hercules
Jul 18, 2013
MINNEAPOLIS, MN, July 18, 2013 /CNW Telbec/ - BioAmber Inc. (NYSE and EURONEXT Paris: BIOA) announced today that it has closed on a $25 million, three-year term loan with Hercules Capital.
The $25 million debt facility is in addition to the $71.9 million of net proceeds that BioAmber received in connection with its initial public offering in May 2013. A description of the loan agreement can be found in the Company's Current Report on Form 8-K, which was filed with the U.S. Securities and Exchange Commission on June 28, 2013.
"This debt financing helps ensure we have the capital needed to construct and start up our planned 30,000 metric ton bio-succinic acid facility in Sarnia, Ontario," said Andrew Ashworth, Chief Financial Officer.
BioAmber (NYSE:BIOA) is a sustainable chemicals company. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into chemicals for use in a wide variety of everyday products including plastics, resins, food additives and personal care products. For more information about BioAmber visit www.bio-amber.com
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and energy technology (aka cleantech) industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $3.8 billion to over 240 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact firstname.lastname@example.org, or call 650.289.3060.
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 we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE BioAmber Inc.
For further information:
BioAmber Investor Contact
The Trout Group, LLC
740 Broadway, 9th Floor
New York, NY 10003
Tel: + 1 (646) 378-2947