TORONTO, Nov. 25 /CNW/ - Viventia Biotech Inc. (TSX: VBI) today announced
that its board of directors has ratified four interim bridge loans received on
the following dates: $2.2 million on September 7, 2005; $2.4 million on
October 3, 2005; $1 million on October 21, 2005; and $2 million on November 5,
2005. The loans were obtained from Clairmark Investments Ltd., a corporation
wholly-owned by Mr. Leslie Dan, Viventia's Chairman, in order to fund ongoing
operations. These loans were unsecured, had an interest rate of 4.5% per year
and were payable on demand. On November 24, 2005 the board of directors, with
the consent of Leslie Dan, approved the conversion of all outstanding loans
from Clairmark, in the aggregate principal amount of $11,020,135 plus
interest, from demand loans to term loans due and payable on December 31,
2006.
