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TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE: EKG) (“CardioComm” or the “Company”), a leading global medical provider of consumer heart monitoring and electrocardiogram (“ECG”) acquisition and management software solutions, announced that it has completed its previously announced issuance of shares for debt (see the Company’s press releases dated April 27, 2021 and April 8, 2021 for further details).
Under debt settlement agreements, the Company has issued an aggregate of 3,353,644 common shares of the Company (“Shares”) to directors, employees and consultants of the Company to settle debt for services provided to the Company. The Shares are subject to a four month hold period that expires September 12, 2021, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Directors of the Company participated in the debt settlement transaction, which is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
To learn more about CardioComm’s products and for further updates regarding HeartCheck™ ECG device integrations, please visit the Company’s websites at
www.cardiocommsolutions.com and www.theheartcheck.com.
