Aurora Spine Corporation Amends Loan Agreement with Insider
News related to:Aurora Spine Corporation · 1 min read
Aurora Spine Corporation, a designer and manufacturer of minimally invasive spinal implants and interventional pain management technologies, has announced an amendment to a loan agreement with an insider. The company has increased the principal amount available under the existing loan by US$200,000, bringing the total principal amount owing to US$2.4 million.
According to the press release, the loan is evidenced by a promissory note bearing an interest rate of 4.5% per annum. The principal amount, along with interest, is due on July 11, 2029. Aurora Spine retains the flexibility to prepay the principal amount and interest at any time without incurring a penalty.
The loan constitutes a "related party transaction" as defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. However, the transaction is exempt from the formal valuation and minority approval requirements of the instrument. Aurora Spine did not file a material change report more than twenty-one days in advance of the loan agreement due to its inability to do so.
The company's wholly owned subsidiary, Aurora Spine, Inc., continues to provide a guarantee and security for the obligations under the promissory note. The note will become due and payable in full upon a Change of Control of the company, as per the terms of the agreement.
Aurora Spine Corporation is headquartered in Carlsbad, California, and operates in the energy-environment sector, focusing on innovative spinal implant solutions and pain management technologies. The company's mission is to improve spinal surgery outcomes through simplified, integrated, and cost-effective solutions that advance patient care worldwide.
This amendment to the loan agreement is part of the company's ongoing efforts to support its operations and growth. Aurora Spine continues to operate in a competitive and rapidly evolving market, where financial flexibility is crucial for maintaining its position as a leader in the field of minimally invasive spinal surgery.