Indiva Ltd (OTCMKTS: NDVAF) made it public that the group has gone ahead and received funds from Sundial Growers Inc (NASDAQ: SNDL). It is discovered that the group has provided Indiva Ltd with funds of $8.5 million. The money will be used to introduce amendments to the terms and conditions of the present non-revolving term loan scheme that Indiva Ltd has with Sundial Growers Inc.
Indiva Ltd strikes a settlement and termination agreement with Dycar Pharmaceuticals Ltd
In other news, it is learned that Indiva Ltd has successfully negotiated a settlement and termination agreement with Dycar Pharmaceuticals Ltd. Under the terms and conditions of the talks, both the groups involved have concluded to settle matters in-betweens them. The issues are related to a manufacturing agreement that was inked on February 18, 2020.
The maturity date of the amended term loan is February 23, 2024
The date of maturity for the amended term loan is February 23, 2024. There are various clauses attached to the loan. For example, if any default is made, an interest rate of 15% per annum is applicable. Furthermore, 100% of accrued interest must be paid in cash, which must be done every month. Finally, just in case there is a change of ownership at Indiva Ltd, the new owners at the group are obligated to pay the Sundial Growers Inc to pay a sum on the capital invested to 1.375 times of the Principal Amount. Once this amount is settled, there will be no amount that needs to be paid by Indiva Ltd.
Here’s how Indiva Ltd will use the money
Indiva Ltd plans to use the funds juristically. According to a source aware of the developments, the corporate house will use the money to take care of the terms and conditions listed under the Termination Agreement. Following this, it is known that Dycar Pharmaceuticals Ltd has received funds to the tune of $8 million in cash. Concurrently, the manufacturing agreement between the two groups stands null. Furthermore, it has come to light that Dycar Pharmaceuticals Ltd and Indiva Ltd have also come to a mutual understanding to let go of all the present and potential claims between them. However, Indiva Ltd will provide services to Dycar Pharmaceuticals Ltd. Only limited services will be provided; beyond January 31, 2022, no services will be offered.
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