By Devika Patel
Knoxville, Tenn., Nov. 21 - RemoteMDx, Inc. completed a $1 million private placement of a promissory note, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note bears interest at 15% and is due on the earlier of 75 days or when the company completes a financing of at least $1 million.
The investor, chief executive officer and chairman David G. Derrick, also received 100,000 common shares.
Based in Sandy, Utah, RemoteMDx develops wireless technologies used to monitor neighborhoods for law enforcement officers. The company also produces wireless monitoring devices used by the elderly in the event they have a medical emergency.
| Issuer: | RemoteMDx, Inc.
|
| Issue: | Promissory note, 100,000 shares
|
| Amount: | $1 million
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | No
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: RMDX
|
| Stock price: | $0.30 at close Nov. 21
|
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