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ZYUS Life Sciences Closes Third Tranche of Secured Loan Financing

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ZYUS Life Sciences' (ZYUS.V) wholly-owned subsidiary, ZYUS Life Sciences Inc, closed a third tranche of a secured loan financing with certain lenders, for C$200,000, the company said late Wednesday.

The closing of the third tranche brings the total amount of the secured loan to $645,000, said the company, and added that the aggregate size of the secured loan offering is up to $2 million.

The secured loan bears interest at a rate of 12% per annum, payable on maturity, is pre-payable by ZYUS Inc at any time without penalty or premium, and will mature six months from the effective date of the loan, added the company.

Certain insiders of the company participated in the third tranche for an aggregate amount of C$100,000.

The company plans to use the net proceeds of the third tranche for general working capital purposes.

"Subject to receipt of approval from the TSX Venture Exchange (the "Exchange"), the Secured Loan will be secured by a security interest granted under the terms of a general security agreement (subject to an exception in respect of certain assets)," said the company.

ZYUS Inc expects to close additional tranches under the secured loan.

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