GI Dynamics (ASX:GID) last week announced it inked a binding commitment for a $1.8 million financing deal with Crystal Amber Fund Limited.
Through the deal, the Boston-based company will offer convertible notes and warrants with major stockholder Crystal Amber Fund Limited, intending to use funds from the financing to cover working capital through the end of the third quarter of this year.
GI Dynamics specified that the financing deal is dependent upon shareholder approval, which it has not yet received. The company has until June 15 to receive approval for the financing, according to a press release.
In February, GI Dynamics said that its shareholders approved an offering worth a total of $1.6 million (AUD $2 million) through the sale of Australian CHESS depository interests in two tranches, with funds slated to support continued development of its EndoBarrier and for general working capital.