By Sheri Kasprzak
New York, Nov. 13 - RemoteMDx, Inc. settled a private placement of stock for $6 million.
The company sold 3 million of its shares to Vatas Holding GmbH. Vatas has the option to buy up to 7 million additional shares at the same price and may fund an additional financing for up to $30 million within the next six months.
Proceeds will be used to deploy 20,000 units of the company's security and tracking products by the end of the year.
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: | Stock
|
| Amount: | $6 million
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| Shares: | 3 million
|
| Price: | $2.00
|
| Warrants: | No
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| Investor: | Vatas Holding GmbH
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| Settlement date: | Nov. 13
|
| Stock symbol: | OTCBB: RMDX
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| Stock price: | $2.05 at close Nov. 10
|
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