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BioAmber Inc. (NYSE and EURONEXT Paris: BIOA) announced that it has closed on a $25 million, three-year term loan with Hercules Capital.
The $25 million debt facility is in addition to the $71.9 million of net proceeds that BioAmber received in connection with its initial public offering in May 2013. A description of the loan agreement can be found in the Company’s Current Report on Form 8-K, which was filed with the U.S. Securities and Exchange Commission on June 28, 2013.
“This debt financing helps ensure we have the capital needed to construct and start up our planned 30,000 metric ton bio-succinic acid facility in Sarnia, Ontario,” said Andrew Ashworth, Chief Financial Officer.