FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
December 17, 2016
Increased investment market exposure to complement immediate and long- term financing objectives
TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”) today announced that it is conducting a non-brokered private placement equity financing under which it intends to issue up to 13,000,000 units at a price of $0.05 per unit, for gross proceeds of up to $650,000. The Company’s shares have been trading at between $0.065 and $0.115 since the start of December with a TSX-v VWAP of $0.0729.
Under the terms of the subscription agreement, there is no minimum offering amount and each $0.05 unit will be comprised of one common share of the Company and one common share purchase warrant exercisable for two years at an additional share at a price of $0.075. 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.
As previously announced, the Company has undertaken efforts to increase its awareness within the North American institutional investor marketplace. The Company again discloses its commitment to raise sufficient financing to both retire its current outstanding LOC of $900,000, due to be paid at the end of December 2016, and to generate additional funds for general working capital. This private placement announcement complements the Company’s continued efforts to meet these funding objectives.
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.
INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
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.