NEMAURA MEDICAL, INC. (OTCMKTS:NMRD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into Material Definitive Agreement
On July 31, 2019, Nemaura Medical, Inc. (the “Company”) entered into a Loan Agreement with Carter Gem Properties Limited (“Carter Gem”) to which Carter Gem agreed to lend the Company up to Eight Million Dollars ($8,000,000) in tranches with a 20 calendar day notice prior to each tranche. The loan carries an Eight Percent (8%) interest rate with quarterly payments and balloon maturity date in Five (5) years. Carter Gem has discretion to proceed with each tranche.
Cater Gem is a company owned by a trust designed to benefit the family of Mr. Sufyan Ismail, who is a major shareholder of Nemaura Medical
The foregoing description of the Loan Agreement is qualified in its entirety by reference to the Loan Agreement, which shall be filed as an Exhibit to the Company’s Form 10-Q for this reporting period.
Item 8.01. Other Events
On August 1, 2019, Nemaura Medical Inc. issued a press release announcing the Loan Agreement with Carter Gem Properties Limited. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
Nemaura Medical Inc. Exhibit
EX-99.1 2 ex99x1.htm EXHIBIT 99.1 Exhibit 99.1 Nemaura Medical Inc. Announces $8 million Senior Debt Facility Provided by Existing Investors Loughborough,…
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About NEMAURA MEDICAL, INC. (OTCMKTS:NMRD)
Nemaura Medical, Inc. is a holding company. The Company owns a diagnostic medical device company specializing in discovering, developing and commercializing specialty medical devices. The Company’s focus is on the development of a continuous glucose monitoring (CGM) device, which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. CGM through a non-invasive patch can enable early detection of subtle changes in blood glucose levels. The Company, through its operating subsidiaries, performs medical device research and manufacturing of a CGM, named sugarBEAT. The sugarBEAT device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes, and may also be used to screen pre-diabetic patients. The sugarBEAT device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using sensors and interpreted using an algorithm.