• Paion AG, of Aschen, Germany, recently entered a €15 million (US$18.8 million) equity facility agreement with Commerce Court Small Cap Value Fund Ltd. managed by Acqua Capital Management Inc., of Toronto. The 36-month facility gives Paion the right to issue new shares out of existing authorized capital in multiple tranches against a cash contribution and is intended to provide funding flexibility. The firm had about €19 million in cash as of March 31.