Toronto, Ontario--(Newsfile Corp. - February 3, 2017) - CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm Solutions" or the "Company") today announced that it has closed its previously announced equity financing for gross proceeds of $76,000. The equity financing was conducted to allow parties who were not able to participate in the Company's December 2016 private placement to invest in the Company. The proceeds from the financing will be used for general operations, regulatory submissions and working capital.
Under the financing, the Company issued 1,520,000 units at a price of $0.05 per unit. Each unit is comprised of one common share and one common share purchase warrant, with each warrant exercisable for an additional Share at $0.075 for two years. The securities issued under the financing are subject to a four month hold period.
Etienne Grima, Chief Executive Officer of the Company, has privately sold 1,100,000 shares and has used the revenue from the sales to purchase 1,100,000 units under the financing. The issuance of units to Mr. Grima is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the value of the units issued to Mr. Grima does not exceed 25% of the fair market value of the Company's market capitalization.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The Company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions is headquartered in Toronto, Ontario, Canada. To learn more about CardioComm Solutions' products and plans, please see the Company's websites at www.theheartcheck.com and www.cardiocommsolutions.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425
investor.relations@cardiocommsolutions.com
www.cardiocommsolutions.com
Forward-looking statements
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
