Bionomics Sells Thebarton Premises to Substantially Boost Cash Reserves
Bionomics Limited (ASX: BNO; ADR: BMICY) has entered into a contract to sell its head office and research facility in Thebarton, South Australia.
Subject to completion of the usual legal requirements, settlement will occur on 13 July 2011. Concurrent with the sale Bionomics has entered into a long term leaseback arrangement with the purchaser for a 10 year period with 2 x 5 year options to extend thereafter.
After repayment of debt secured by the premises and payment of transaction costs, Bionomics expects to receive a net cash inflow of $4.27 million on settlement. Bionomics’ cash position at the end of the March 2011 quarter was $5.79m.
The sale and leaseback will free up substantial additional working capital to further support Bionomics’ clinical programs and the commercialisation of its key drug discoveries through its partnership strategy.
Shareholders are aware that Bionomics is seeking to complete its first, major partnering deal before the end of this calendar year and the additional resources from the disposal of the building will provide the Company with more than enough financial resources to achieve this goal.
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