TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”), announced today it had closed the second tranche of its previously announced private placement equity financing. Under the closing of the second tranche, the Company issued 600,000 units at a price of $0.05 per unit, for gross proceeds of $30,000. Each unit was comprised of one common share of the Company and one common share purchase warrant exercisable for two years for an additional share at a price of $0.07. For further information regarding the financing, please see the Company’s press release that was issued on July 11, 2014. The gross proceeds from the financing will be used towards the development of next generation wireless ECG device products and expanded promotion of the GEMS™ WIN launch. The shares and warrants issued by the Company are subject to a four month hold period which will expire on December 1, 2014.
The Company also announced that it has issued an aggregate of 57,252 common shares of the Company to Simi Grosman, a director of the Company. The shares were issued at a deemed price of $0.078 per share, for a total value of $4,500, as partial payment for services rendered to the Company in the months of April, May and June 2014 pursuant to a services agreement previously disclosed by the Company on March 8, 2013. The shares were issued at a 5% premium to the closing price of the Company’s shares at the end of each month in which services were provided. The shares issued are subject to a four month hold period which will expire on December 1, 2014.
