Deal will include warrants for 10 million shares, exercisable at $0.15
By Devika Patel
Knoxville, Tenn., Feb. 17 – Event Cardio Group Inc. will conduct a C$1.5 million private placement of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 16,901,400 common shares.
The investors also will receive warrants for 10 million shares, which are each exercisable at $0.15 until Feb. 28, 2019. The strike price is a 650% premium to the Feb. 16 closing shares price of $0.02.
Proceeds will be used to finalize the development of the company’s heart monitor.
The Mississauga, Ont., company offers ambulatory medical devices for physicians and medical institutions.
| Issuer: | Event Cardio Group Inc.
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| Issue: | Common stock
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| Amount: | C$1.5 million
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| Shares: | 16,901,400
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| Warrants: | For 10 million shares
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| Warrant expiration: | Feb. 28, 2019
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| Warrant strike price: | $0.15
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| Announcement date: | Feb. 17
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| Stock symbol: | OTCBB: ECGI
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| Stock price: | $0.02 at close Feb. 16
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| Market capitalization: | $3.46 million
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