Convertible preferred stock sold to Viable International Investments
By Devika Patel
Knoxville, Tenn., July 1 – Imaging Diagnostic Systems Inc. arranged a $6 million offering of 9% series M convertible preferred stock with Viable International Investments, LLC on June 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 600 preferreds at $10,000.00 apiece.
Each preferred is convertible into common stock at a ratio of 147,282,723 common shares per preferred.
Settlement of the first $2.5 million tranche is expected July 31, with the second $2 million tranche settling on July 31, 2015. There will also be a third $1.5 million tranche.
Based in Plantation, Fla., Imaging develops computed tomography laser breast imaging systems used to detect breast cancer.
| Issuer: | Imaging Diagnostic Systems Inc.
|
| Issue: | Series M convertible preferred stock
|
| Amount: | $6 million
|
| Preferred shares: | 600
|
| Price: | $10,000.00
|
| Dividend: | 9%
|
| Conversion ratio: | 147,282,723 common shares per preferred
|
| Warrants: | No
|
| Investor: | Viable International Investments, LLC
|
| Pricing date: | June 27
|
| Settlement dates: | July 31 (for $2.5 million), July 31, 2015 (for $2 million)
|
| Stock symbol: | OTCBB: IMDS
|
| Market capitalization: | $212,440
|
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