Onconetix (ONCO) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Onconetix, Inc. entered into a Subscription Agreement with an investor for a private placement of $5.0 million worth of units, comprising shares and warrants. On January 23, 2024, the company issued a $5.0 million non-convertible debenture to the investor with a 4% annual interest rate, to be repaid by the earlier of the closing under the Subscription Agreement or June 30, 2024. The subscription amount will increase by the interest accrued on the debenture.
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