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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 the proposed issuance of shares for debt and the issuance of stock options.
Under debt settlement agreements, the Company will issue an aggregate of 2,947,394 common shares of the Company (“Shares”) to a director, employees and consultants of the Company at a deemed price of $0.055 per Share. The Shares will be provided to settle debt for services provided to the Company and will be subject to a four month hold period in accordance with applicable securities laws.
The Company also granted 62,500 stock options to a director of the Company, each option exercisable at $0.055 per Share for five years from the date of grant and vesting immediately. The options are subject to the provisions of the Company’s Stock Option Plan, the policies of the TSX Venture Exchange and applicable securities laws.
A director of the Company participated in the debt settlement and received stock options, each of which is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Each transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of each 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.
