Funding will be used as bridge financing to complete Q1 2014 objectives
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) today announced that it has re-priced its previously announced equity financing. The Company will now be conducting a private placement equity financing under which it intends to issue 15,000,000 units at a price of $0.0675 per unit for gross proceeds of $1,012,500. Each unit will be 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 $0.10. 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.
The Company previously announced the private placement on December 11, 2013 at a price of $0.12 per unit. “When we announced our private placement in December we did so at a discount to the market. In response to current market prices, we have re-priced to maintain the market price discount,” said Etienne Grima, CEO of CardioComm Solutions.
The funds to be raised from the private placement will be used for completion and Beta releases of the Company’s Global ECG Management Solution (GEMS™), GEMS™ MCT and ECG triaging software, all with target releases in Q1 2014. The software markets targeted will include independent diagnostic testing facilities (IDTFs) and arrhythmia service providers. Funding will also be used for the introduction of Bluetooth-enabled ECG devices into the CardioComm Solutions’ patent pending SMART Monitoring ECG service under the HeartCheck™ brand, some of which already have FDA clearances for sale in the USA.
More information regarding the HeartCheck™ products and SMART monitoring solutions is available at the Company’s web site www.theheartcheck.com.
