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NESS-ZIONA, Israel, April 19, 2021 /PRNewswire/ Vidac Pharma LTD (Vidac) a clinical-stage Israel biopharmaceutical company, announced today that it has signed an agreement with GEM Global Yield LLC SCS ( GEM ) a Luxemburg-based private alternative investment group for a EUR 20 million capital commitment.
Under the agreement, GEM commits to provide Vidac with a share subscription facility of up to EUR 20 million for a 36-month term following the public listing of the company shares on a European National Stock Exchange. Vidac will control the timing and maximum amount of drawdown under the facility and has no minimum drawdown obligation. Concurrent to the public listing of Vidac Shares, GEM will receive warrants to purchase shares of the company.