Increased investment market exposure to complement immediate and long- term financing objectives
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) today announced that it is conducting a non-brokered private placement equity financing under which it intends to issue up to 13,000,000 units at a price of $0.05 per unit, for gross proceeds of up to $650,000. The Company’s shares have been trading at between $0.065 and $0.115 since the start of December with a TSX-v VWAP of $0.0729.
Under the terms of the subscription agreement, there is no minimum offering amount and each $0.05 unit will be comprised of one common share of the Company and one common share purchase warrant exercisable for two years at an additional share at a price of $0.075. The securities to be issued under the financing will be subject to a four-month hold period. The terms of the financing are subject to the approval of the TSX Venture Exchange.
As previously announced, the Company has undertaken efforts to increase its awareness within the North American institutional investor marketplace. The Company again discloses its commitment to raise sufficient financing to both retire its current outstanding LOC of $900,000, due to be paid at the end of December 2016, and to generate additional funds for general working capital. This private placement announcement complements the Company’s continued efforts to meet these funding objectives.