07:20 AM EDT, 04/29/2025 (MT Newswires) -- Principal Technologies (PTEC.V) late on Monday provided an update on a license of technology agreement with Oxford University Innovation Limited.

Principal signed a financing agreement with RLOX Beteiligung under which the funding group will provide Principal with $3.7 million over four tranches by Oct. 15, 2026, for a subscription of up to 4.9 million Principal common shares and a 50% interest in the net profits in the skin cancer-related medical technology products developed under the license.

Principal has received the first tranche of $934,500.

The proceeds will be used to fulfill the research and development funding obligations of the license and for other general corporate purposes.

Following the closing of transactions under the financing agreement, and a previously announced debt settlement, the funding group will hold up to roughly 8 million Principal common shares and 3 million common share purchase warrants. These will represent up to 17.10% and up to 22.16% of Principal's expected issued and outstanding shares, respectively.