As part of these arrangements, Vertex has agreed to provide a standby purchase commitment to backstop the issuance of USD6 million of the corporation´s common shares through an exempt equity rights offering to all existing shareholders. The proceeds will be used to repay a bridge loan.

Vertex has provided a new USD6 million bridge loan to fund general corporate purposes until the rights offering is completed. The bridge loan will be repaid from the gross proceeds of the rights offering (including proceeds received in connection with the standby purchase commitment).

In conjunction with these new financings, Vertex has agreed to restructure its existing indebtedness.

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