Mr. Trent Northcutt reports
AURORA SPINE CORPORATION ANNOUNCES AMENDMENT TO LOAN FROM INSIDER
Aurora Spine Corp. has amended an existing loan in the principal amount of $1.6-million (U.S.) plus accrued and unpaid interest in the amount of $1,249,500 (U.S.) from an insider of the company. The company has been using the loan proceeds for general corporate purposes.
The loan, evidenced by a promissory note, bears interest at 9 per cent per annum. The amendment reduces the interest rate to 4.5 per cent per annum effective Jan. 1, 2026. If an event of default occurs and continues, the outstanding balance of the note, including all accrued and unpaid interest, will bear interest at a rate of 12 per cent per annum, or at the maximum rate of interest under applicable law. The principal amount together with interest thereon was due on the maturity date of June 29, 2027. The parties have agreed to extend the maturity date to July 11, 2029. The parties also agreed that upon a change of control of the company, the maturity date will be accelerated and the note will be due and payable in full, upon written request from the holder. The company may prepay the outstanding principal amount and accrued and unpaid interest thereon, in whole or in part, at any time without penalty. The company's wholly owned subsidiary, Aurora Spine Inc., continues its guarantee and security for the obligations of the company under the note.
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 21 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.
About Aurora Spine
Corp.
Aurora Spine is an innovative designer and manufacturer of minimally invasive spinal implants and interventional pain management technologies. Headquartered in Carlsbad, Calif., the company's mission is to improve spinal surgery outcomes through simplified, integrated and cost-effective solutions that advance patient care worldwide.
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