CARLSBAD, Calif., July 12, 2017 (GLOBE NEWSWIRE) -- Aurora Spine Corporation ("Aurora Spine" or the "Company") (TSXV:ASG) is pleased to announce that it has received an additional loan (the "Loan") in the aggregate principal amount of US$350,000 (the "Principal Amount") from an insider of the Company. The Company intends to use the Loan proceeds for general corporate purposes and for prepayment of prior loan advances.
The Loan is evidenced by a promissory note (the "Note") bearing interest at 9% per annum. The Principal Amount together with interest thereon is due on June 29, 2021. The Company may prepay the Principal Amount and interest thereon, in whole or in part, at any time without penalty. The Company's wholly owned subsidiary, Aurora Spine, Inc., is party to certain ancillary agreements to guarantee and secure the obligations of the Company under the Note. As a result of this new advance, the total principal amount owing by the Company to the insider, following the partial repayment of prior loan advances, is US$1.4 million. The insider may at any time on providing 366 days' prior written notice to the Company demand full repayment of the total amount owing by the Company to the insider.
The Loan constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the policies of the TSX Venture Exchange, but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101. The Company was not in a position to file a material change report more than twenty one days in advance of the completion of the Loan.
The Loan is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accepts responsibility for the adequacy or accuracy of this release.
About Aurora Spine
Aurora Spine is an early stage company focused on bringing new solutions to the spinal implant market through a series of screwless, innovative, minimally invasive, regenerative spinal implant technologies. Aurora Spine continues to position itself at the forefront of spinal surgery procedures, focusing on minimally invasive spine surgery technologies. Aurora Spine is changing spine surgery by focusing on disruptive technologies following the Company’s commitment to – Simplifying the Complex.
Forward-Looking Statements
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the Loan and the proposed use of proceeds of the Loan. Aurora Spine cautions investors of Aurora Spine's securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.
For additional information, or for a copy of the early warning report, please contact: Aurora Spine Corporation Trent Northcutt President and Chief Executive Officer (760) 424-2004 Sarina Mason Chief Financial Officer (760) 424-2004 www.aurora-spine.com
