TORONTO - Greenbrook TMS Inc. (NASDAQ: GBNH), a provider of mental health treatment services, has announced securing an additional US$1,522,843 in senior secured term loans. This financing, obtained through the company's twenty-fourth amendment to its credit facility with Madryn Asset Management, LP, brings the total outstanding under the credit facility to approximately US$85 million.
The new funding is earmarked for general corporate and working capital purposes. Greenbrook also indicated that it is exploring further near-term financing options to meet its future liquidity requirements.
The transaction involves Madryn, an insider of Greenbrook, and has been classified as a "related party transaction" under Multilateral Instrument 61-101. However, it has been exempt from minority approval requirements as it is considered to be on reasonable commercial terms, which are not less advantageous to Greenbrook than other potential financings.
Greenbrook operates through 130 company-operated treatment centers across the United States, specializing in Transcranial Magnetic Stimulation (TMS) therapy and Spravato® (esketamine nasal spray). These FDA-cleared treatments address Major Depressive Disorder (MDD) and other mental health disorders. To date, the company has administered over 1.3 million treatments to more than 40,000 patients.
The company's forward-looking statements suggest plans to use the proceeds from the new loan to support its business strategy and address its financial and liquidity outlook.
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