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TORONTO – Greenbrook TMS Inc. (NASDAQ: GBNH), a provider of mental health treatment services, announced that it has secured an additional $1,522,843 in a senior secured term loan. The financing was obtained through the 24th Amendment to the Company's credit facility with Madryn Asset Management, LP, and has total outstanding balances under the credit facility of approximately $85 million.
The new funds will be allocated for general corporate and working capital. Greenbrook also indicated that it is considering further short-term funding options to meet future liquidity requirements.
The transaction involved Madeline, a Greenbrook insider, and is classified as a “related party transaction” under Multilateral Instrument 61-101. However, the minority approval requirement has been waived because it is believed to be based on reasonable commercial terms and is considered advantageous to Greenbrook compared to 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-approved treatments address major depressive disorder (MDD) and other mental health disorders. To date, the company has performed more than 1.3 million treatments on more than 40,000 patients.
The Company's forward-looking statements indicate that it plans to use the proceeds from the new financing to support its business strategy and address its financial and liquidity outlook.
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