Published on 6/22/2016 in the Prospect News PIPE Daily.
Event Cardio Group settles $1.38 million private placements of stock
Company sells 11 million common shares at $0.10, $0.15 through deal
By Devika Patel
Knoxville, Tenn., June 22 – Event Cardio Group Inc. raised $1 million in a private placement of stock with Ian Genoa and Michael Ho on June 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company raised $375,000 in a placement with Zhenli Xu on June 16.
The company sold 10 million common shares at $0.10 per share in the first tranche and an additional 2.5 million shares at $0.15 per share in the second tranche. The prices per share are, respectively, 100% and 200% premiums to the June 14 closing share price of $0.05.
In the first tranche, Genoa and Ho also received warrants for 5 million shares, which are each exercisable at $0.25 until May 26, 2019. In the second tranche, Xu also received warrants for 833,333 shares, which are each exercisable at $0.25 until Dec. 31, 2019. The strike price is a 400% premium to the June 14 closing price.
The Mississauga, Ont., company offers ambulatory medical devices for physicians and medical institutions.
| Issuer: | Event Cardio Group Inc.
|
| Issue: | Common stock
|
| Amount: | $1,375,000
|
| Shares: | 12.5 million
|
| Price: | $0.15 (for 2.5 million shares), $0.10 (for 10 million shares)
|
| Warrants: | For 5,833,333 shares
|
| Warrant expiration: | May 26, 2019 (for 5 million shares), Dec. 31, 2019 (for 833,333 shares)
|
| Warrant strike price: | $0.25
|
| Investors: | Ian Genoa and Michael Ho (for $1 million), Zhenli Xu (for $375,000)
|
| Settlement date: | June 15 (for $1 million), June 15 (for $375,000)
|
| Stock symbol: | OTCBB: ECGI
|
| Stock price: | $0.05 at close June 14
|
| Market capitalization: | $6.61 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
