CardioComm Solutions enters into loan agreement
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Toronto, Ontario – (Newsfile Corp. – December 31, 2021) – CardioComm Solutions, Inc. (TSXV: ECG) (“CardioComm“or the”Society“), a global medical provider of consumer heart monitoring and medical EKG (“ECG“) software solutions, is pleased to announce that it has entered into a revolving line of credit loan agreement dated December 18, 2021, representing additional financing available as needed up to $ 230,000. Loan conditions require that all borrowed amounts be repaid by the Company, plus interest at 8% per annum, no later than December 18, 2023. The loan is secured by the assets of the Company.
The Company has the right to repay any unpaid loan at any time, in full or in installments, without penalty. In addition, the lender may elect to convert the loan into common shares of the Company at a price per share equal to the “current market price” under the policies of the TSX Venture Exchange. Any conversion of debt into shares will be subject to applicable securities laws and approval by the TSX Venture Exchange.
The Company also announces the proposed issuance of debt shares. Pursuant to the debt settlement agreements, the Company will issue a total of 463,740 common shares of the Company (“Actions“) to certain directors, a former director and a former officer of the Company at a deemed price of $ 0.05 per share. The shares will be provided to settle debt for services provided to the Company and will be subject to a period of four-month holding in accordance with applicable securities laws. Issuance of shares is subject to approval by the TSX Venture Exchange.
The Company also granted 62,500 stock options to a director of the Company, each option exercisable at $ 0.05 per share for five years from the date of grant and immediate vesting. The options are subject to the provisions of the Company’s stock option plan, the policies of the TSX Venture Exchange and applicable securities laws.
The directors of the Company participated in the debt settlement and a director of the Company received stock options, each of which is considered a “related party transaction” within the meaning of Multilateral Standard 61-101 ( “MI 61-101“). Each transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of each transaction does not exceed 25% of the Company’s market capitalization, as determined. in accordance with MI 61-101.
About CardioComm solutions
CardioComm Solutions’ patented and proprietary technology is used in EKG recording, viewing, analysis and storage products for the diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a sales team based in North America. CardioComm Solutions has obtained ISO 13485 certification, complies with the HIPAA standard and holds European Union (CE Marking), United States (FDA) and Canada (Health Canada) approvals.
This press release may contain certain forward-looking statements and information concerning the financial condition, results of operations and activities of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions relating to these items. These statements and information reflect the current beliefs of management and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information involve risks and uncertainties as they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause results and actual developments differ significantly from those expressed. or implied by such forward-looking statements and forward-looking information.
In evaluating such statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company assumes no obligation to update any forward-looking statements and forward-looking information contained in this press release, except as required by applicable laws, including, without limitation, section 5.8 (2) of the Standard. Canadian 51-102 (Continuous information obligations).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108823