Argent BioPharma (ASX:RGT) has executed a deed of variation with Mercer Street Global Opportunity Fund to amend the terms of its 2020 convertible securities agreement, according to a Wednesday filing with the Australian bourse.
The adjustment involves refinancing 300,000 convertible notes, worth AU$1.1 million, reducing the minimum conversion price to not less than AU$0.11 from not less than AU$10, the filing said.
The company also plans to negotiate further amendments to the remaining 2020 and 2022 convertible note facilities, the filing added.
Shares of the company fell 6% in recent Wednesday trade.
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