TORONTO, ONTARIO – Established medical electrocardiogram (“ECG”) software and device manufacturer CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) today announced that it has closed a non-brokered private placement equity financing where 2,700,000 units were issued at a price of $0.05 per unit, for gross proceeds of $135,000. Each unit is 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 $0.075. The securities issued under the financing are subject to a four month hold period.
The Company intends to use the proceeds towards expanding retail, consumer and investor market awareness of CardioComm Solutions’ initiatives for the introduction of newer and cost competitive wireless consumer health and wellness monitoring device in the USA and Canada. The Company will provide additional updates as they are available.
Etienne Grima, Chief Executive Officer of the Company, participated in the financing with the acquisition of 400,000 units. The issuance of units to Mr. Grima under the private placement 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 securities to be purchased by Mr. Grima under the private placement did not exceed 25% of the fair market value of the Company’s market capitalization.
To learn more about the CardioComm Solutions’ products, for more information about the Company’s and for further updates regarding HeartCheckTM ECG device integrations, please see the Company’s websites www.theheartcheck.com and www.cardiocommsolutions.com.
