ALR Technologies lifts line of credit agreement with CEO to $4 million

Deal includes reduced option price, options for 64.28 million shares

By Devika Patel

Knoxville, Tenn., Feb. 7 - ALR Technologies Inc. increased a line of credit agreement with chairman of the board of directors and chief executive officer Sidney Chan to $4 million from $2.5 million on Jan. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. The loan was arranged on March 6, 2011.

In consideration of the additional loan, the company reduced the exercise price of Chan's stock option to $0.05 from $0.07. Chan also received an option to purchase an additional 14,275,000 shares at an exercise price of $0.05 until Dec. 28, 2017 and an option to purchase an additional 50 million shares at $0.03 per share until Dec. 28, 2017.

Based in Richmond, Va., ALR Technologies provides health insurance and disease and case management services.

© 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.