Positron enters USD 2 million line of credit with investor George Ortiz at 12% interest
POSC•Warrants issued
Positron also issued warrants for 300,000 shares at USD 1.5. The exercise price resets to USD 1 on a payment default.
Line of credit terms
Positron entered a Line of Credit Agreement with affiliated investor George Ortiz for up to USD 2 million.
- Draws are capped at USD 500,000 per calendar quarter.
- The minimum draw is USD 50,000.
- Repaid amounts can be reborrowed within the cap.
- Borrowings carry 12% fixed interest, paid quarterly.
- The first 12 months are interest-only.
- Maturity is set for Aug. 13, 2028.
